The leading distributor of automotive aftermarket parts strengthens its presence in the European salvage business.
LKQ Europe announced that it is expanding its European salvage network with the acquisition of Dutch based Rhenoy Group (“Rhenoy”). Founded in 1991, Rhenoy is a leading supplier of remanufactured engines, and recycled OEM car parts. Rhenoy operates a salvage dismantling facility in the Netherlands, and remanufacturing plants in both the Netherlands and Poland.
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 capitalizing 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.”
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.”
Terms of the transaction were not disclosed.