LKQ Europe has acquired Dutch based Rhenoy Group. Rhenoy operates a salvage dismantling facility in the Netherlands, and remanufacturing plants in both the Netherlands and Poland. Terms have not been announced.
[caption id="attachment_29671" align="alignright" width="300"] Rhenoy site[/caption]
Varun Laroyia, Chief Executive Officer of LKQ Europe, stated: “This acquisition reinforces our ongoing commitment to offer affordable and sustainable mobility across our European markets. The roots of our company lie in the dismantling of salvage vehicles to recycle OEM parts. As part of our European strategic plan, we intend on capitalising on that knowledge coupled with remanufacturing capabilities. We have long admired Rhenoy’s competencies and I am thrilled to have them join the LKQ family.”
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Nick van Kessel, Chief Executive Officer of Rhenoy Group: “The circular economy is advancing, and our conclusion is ‘stronger together’. LKQ is the largest automotive aftermarket parts provider in Europe and originated from car dismantling companies and engine remanufacturing in America. LKQ is very familiar with Rhenoy’s activities and has value-add plans to further develop our companies in the future.”
In the U.S, LKQ is best known for used parts. Years ago it implemented a 'roll-up' strategy where multiple breaker yards would be acquired at the same time.
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