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EXPEL Inc. (XPEL) set to bolster revenue with Protex Centre acquisition

Technology
30 January 2020 22:34 (EDT)

XPEL Inc. (NASDAQ:XPEL), a global provider of protective films and coatings, has agreed to acquire Protex Centre, the largest franchisee in the Protex Canada family.

Finalisation of the acquisition is expected to occur on February 1, 2020.

Expected to add more than $2.5 million in revenue, the acquisition will also offer an additional $1 million in annual purchases by Protex Centre from XPEL.

Protex Centre will combine both physically and operationally with the Protex Pointe-Claire business acquired by XPEL in 2018, offering a unified wholesale solution for a large portion of the Montreal region.

“Protex Centre is one of the largest wholesale paint protection film installation businesses in the world and one of our single largest individual customers. We are excited to add Protex Centre to our great team in Quebec,” said Ryan Pape, President and CEO of XPEL.

The value of the acquisition was roughly $3.25 million, which was paid from cash on hand and unsecured promissory notes.

In August 2019, XPEL announced the voluntary delisting of its common stock from the TSX Venture Exchange as it moved to singular trading on the Nasdaq Capital Market, citing low trading volumes on the TSXV.

Shares in the company are marginally up by 0.43% at $16.33, with a market cap of $450.92 million.

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