The Cary Group announced that it had signed an agreement to acquire 100% of the capital of the Portuguese company GlassCo, which owns ExpressGlass, in a deal that is expected to be concluded in the first quarter of next year, the value of which was not disclosed.
“The acquisition of the Portuguese company ExpressGlass allows the group to continue its European expansion. ExpressGlass has a robust brand, provides high quality services and has consolidated relationships with insurance companies and other customers”, says the CEO of Cary Group, Anders Jensen, quoted in a statement released this Wednesday.
The purchase of the company, operating in the market since 2002, represents “a natural step in our consolidation journey and reinforces the group’s position in the Iberian Peninsula”, reinforced Anders Jensen.
ExpressGlass has 90 stores throughout Portugal, of which about half are operated by independent partners under the brand umbrella. In 2020, ExpressGlass recorded total sales of around 15 million euros, with profits of around 11 million.
Based in Porto, ExpressGlass is dedicated to the repair and replacement of car glass , providing other specialized services such as calibration of advanced driver assistance systems (ADAS technology).
In a statement, the Cary Group indicates that the company, which employs around 200 workers, will maintain its current administration after the acquisition is completed, which is expected to close in the first quarter of 2022.
Since the beginning of the year, the Cary Group has acquired 19 companies, with total annual revenues of approximately SEK 1 billion (EUR 97.5 million at current exchange rates).
In addition to Sweden, the group, which provides sustainable damage repair and car assistance services, operates in Denmark, Norway, the United Kingdom and, more recently, in Spain, where it acquired, at the beginning of the year, Ralarsa , also specializes in auto glass replacement.
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