International law firm Olswang has advised new client and NASDAQ-listed LKQ Corporation on the acquisition of Iris Coatings, the sales and marketing specialist for refinishing distribution, and five paint distributors with a total of 26 locations throughout the United Kingdom. The acquired distributors include JCA Coatings Limited, Milton Keynes Paint and Equipment Limited, Sinemaster Motor Factors Limited, Bee Bee Refinishing Supplies (Halstead) Limited and  Premier Paints Limited.

LKQ is the largest provider of alternative collision replacement parts in the US and a leading provider of recycled engines and transmissions and remanufactured engines, all in connection with the repair of automobiles and other vehicles. LKQ has operations in the United Kingdom, the Benelux, France, Canada, Mexico and Central America. LKQ operates more than 500 facilities, offering its customers a broad range of replacement systems, components and parts to repair automobiles and light, medium and heavy-duty trucks.

LKQ is the owner of the U.K.'s largest car parts and accessories distributor Euro Car Parts (an acquisition in relation to which Olswang acted for the sellers) and these new acquisitions in the refinish paint sector represent a significant addition to the brand's product portfolio and a strategic step towards becoming the leading one-stop shop supplier to the collision repair industry in the UK market.

David Bunker, Partner at Olswang, commented: "We are delighted to have assisted LKQ on this strategic acquisition of some of the fastest growing businesses in their sector. We look forward to working with LKQ further as it continues to capitalise on business opportunities."

The transaction was led by Corporate Partner David Bunker with assistance from fellow Corporate Partner Nick Crosbie and Associates Sebastian Dürdoth, Julian Ciecierski-Burns and Abigail Wahnon.