XPEL Acquires PermaPlate Film LLC

XPEL, Inc. (Nasdaq: XPEL) (the “Company”), a global provider of protective films and coatings, announced the acquisition of PermaPlate Film LLC (“PermaPlate Film”), a distributor and installer of automotive window films serving dealerships across the United States.

PermaPlate Film supplies mid-range dealerships primarily engaged in high-volume window film installation. Serving several hundred dealerships across the country, the addition of PermaPlate Film strengthens XPEL’s market presence, enhances its geographic footprint and accelerates the Company’s penetration into the mid-range segment of the market.

On a full-year basis, PermaPlate Film would add approximately $25.0 million in revenue for 2021, according to XPEL. After integration, the Company expects full-year post-synergy earnings before interest, taxes and depreciation of approximately $6.0 million which the Company expects to occur on a run-rate basis starting in Q4 2021. The Company also expects to incur approximately $0.5 million in acquisition and integration related charges in 2021.

“This acquisition further extends our window film business beyond the luxury and enthusiast car market,” said Ryan Pape, president and chief executive officer of XPEL. “We look forward to leveraging PermaPlate Film’s expertise to drive continued growth in this important segment.”

XPEL is acquiring PermaPlate Film for $30 million in cash, subject to customary adjustments. XPEL is funding the transaction with existing cash on hand.

XPEL Named Title Sponsor of Texas Motor Speedway’s Second Race of Indy Series

XPEL, Inc. (XPEL) announced a multi-year sponsorship at Texas Motor Speedway. The second race of the 2021 NTT INDYCAR series doubleheader, scheduled for Sunday, May 2, will be called the XPEL 375, according to the company.

By securing the naming rights for the XPEL 375, the company expects to generate brand exposure among core marketing segments including authorized dealers as well as consumers. The race sponsorship is the company’s second major professional motorsports activation in as many years.

“Last year we became the ‘Official Protective Film Partner’ of Team Penske and embarked on our sponsorship journey with Josef Newgarden and his No. 2 Chevrolet,” said Ryan Pape, XPEL CEO and president. “Our new partnership with Texas Motor Speedway solidifies our investment in the sport and we are excited to see how the race sponsorship will drive increased brand awareness to benefit our business.”

XPEL Acquires Veloce Innovation

XPEL, Inc. (XPEL) announced its acquisition of Houston, Texas-based, Veloce Innovation (Veloce), a provider of architectural films for use in residential, commercial, marine and industrial settings, today. The acquisition closed on December 31, 2020, according to the company. The terms of the acquisition agreement were not disclosed.

“We’re pleased to welcome industry veteran Harry Rahman [founder of Veloce] and his team from Veloce to XPEL,” said Ryan Papa, XPEL president and CEO. “Harry brings a wealth of experience, extensive knowledge and deep relationships in the architectural window film industry. We look forward to leveraging Harry’s expertise to accelerate revenue generation in this key product segment for XPEL.”

“XPEL has a premium brand and increasing recognition in the architectural film marketplace,” said Rahman. “With XPEL’s vast resources and global infrastructure, I look forward to this opportunity to help drive the continued progress and strong growth of XPEL’s commercial and residential window segment.”

XPEL Named Official PPF of Spring Mountain Motor Resort and Ron Fellows Performance Driving School

XPEL, Inc. (XPEL) recently announced its designation as the “Official Paint Protection Film” of Spring Mountain Motor Resort & Country Club and the Ron Fellows Performance Driving School.

Located 55-miles west of Las Vegas, Spring Mountain Motor Resort & Country Club boasts the longest racetrack in North America at 6.1 miles, with over 50 track configurations designed to appeal to car enthusiasts worldwide, according to the company. As the home of the Ron Fellows Performance Driving School, the “Official High-Performance Driving School of Corvette” provides first-time owners of a new and unused Corvettes with the opportunity to attend its two-day 8th generation Corvette Owners School, partially subsidized by Chevrolet, to experience the vehicle.

XPEL will install ULTIMATE PLUS 10 on the school’s Corvettes. The 10 mil paint protection film (PPF) will cover and protect the full hood, front fenders, front bumper, headlights, side mirrors, rocker panels and aero blades. ULTIMATE PLUS is constructed from an elastomeric polyurethane and is designed to prevent rock chips and light scratches, according to the company. XPEL notes it is also self-healing and when exposed to heat, fine scratches and swirl marks will disappear over time.

XPEL Acquires French Distributor

XPEL, Inc. (XPEL) recently announced that it has agreed to acquire certain assets of France Auto Racing, a distributor of automotive paint protection film serving France.

“This acquisition will further enhance the development of the French market which we believe is highly underpenetrated for us and for the industry as a whole,” said Ryan Pape, XPEL CEO and president. “We have a track record of successfully combining our resources with local, experienced operators to achieve success in markets around the world and the team at France Auto Racing will help us do that in France.”

According to the company, the business will be run as a part of XPEL’s Netherlands-based European operation where it plans to add additional account management, training and customer service personnel. Additionally, XPEL will offer French-language training both onsite in France and at its Netherlands training center.

The terms were not disclosed and the closing is subject to customary conditions and is expected in the fourth quarter.