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.