XPEL has announced its acquisition of Stratashield LLC of Dallas, Texas, a provider of installation services for window and automotive paint protection film (PPF).
“We’re excited to welcome Houston Orona [editor’s note: Orano is the owner of Stratashield] and the Stratashield team to the XPEL family. Houston has a great business and enjoys a strong reputation in the Dallas-Fort Worth metroplex for providing outstanding service,” said Ryan Pape, president and CEO of XPEL. “This acquisition gives us a local presence in this growing market and is indicative of our continuing execution of our ‘Get Close to the Customer’ strategy. We look forward to combining our existing … automotive paint protection products with the customer-centric focus that Stratashield is known for, to deliver better value for both new and existing customers in the Dallas-Fort Worth area.”
Pape continued, “Houston will be a great addition to the team, not only as we integrate his business, but as our Manager of the Dallas-Fort Worth market, where he will be incentivized to grow, develop and support our entire network of customers in that area. Texas has long been very important to us, and this acquisition helps to round out our presence in our home state.”
Terms of the acquisition were not disclosed.
After nearly two years of court filings, St. Paul, Minn.-based 3M and San Antonio, Texas-based XPEL have reached a settlement agreement in a patent infringement lawsuit brought forth by 3M on December 30, 2015 in federal district court in Minnesota.
The original suit alleged that XPEL’s XPF paint protection film (PPF) product infringed 3M’s U.S. Patent No. 8,765,263 (`263), which is “a multilayer protective film comprising a first layer, a second layer and a pressure-sensitive adhesive layer.” XPEL denied the allegations.
The companies have now agreed to a settlement, under which XPEL will acquire a license to the ‘263 patent. The court document simply states:
“It is hereby stipulated and agreed by and between the parties through their respective attorneys that:
- Plaintiffs 3M Company and 3M Innovative Properties Company (‘3M’) dismiss without prejudice their causes of action against XPEL Technologies Corporation (‘XPEL’).
- XPEL dismisses without prejudice its causes of action against 3M.
- Each party shall bear its own attorneys’ fees and costs.”
During XPEL’s recent fourth quarter 2016 earnings call with investors, Ryan Pape, CEO, touched on the settlement, stating, “The agreement’s confidential, and we don’t expect a material impact to the business as a result, and that’s really about all I can say.” He added, “There’s no reason to drag it out and talk about it. It’s done, we’re moving on, and there’s plenty of work for us to do on our own operations and with our customers to better serve them.”