XPEL Acquires Canadian Film Distributor Parasol

February 11th, 2015 by Editor

XPEL Technologies Corp., global supplier of paint and headlight protection films, has acquired Parasol Canada, a distributor of paint protection and window film products for the Canadian market.

XPEL is a major supplier of paint protection films.

XPEL is a major supplier of paint protection films.

Parasol, founded in 2009, is headquartered in Terrebonne, a suburb of Montreal, with a distribution office in Calgary. The distributor has hundreds of independent installers and automobile dealerships as customers who are serviced by sales representatives in key markets throughout Canada. In addition to supplying customers with paint protection film, automotive window tint and installation tools, Parasol also provides extensive installation training.

Ryan Pape, president and CEO of XPEL, says the acquisition was made to “get close to our end customers, particularly in key international markets. Parasol Canada is a profitable business with a successful management team who will remain with the company. The acquisition allows us to gain a dedicated Canadian sales force, add to our portfolio of products, gain margin and expand our proven U.S. marketing initiatives into Canada, where we believe there is significant opportunity for growth as we integrate under the XPEL brand.”

According to a company press release, a majority of Parasol Canada’s revenue is derived from the sale of XPEL products.

The acquisition price of CA$ 4.8 million was funded by $1.9 million USD in new borrowing. XPEL acquired inventory and receivables of approximately CA$ 1.5 million as part of the purchase price.

“We are focused on expanding our geographical reach and increasing our customer base to drive revenue growth,” says Pape. “Canada is our largest international market, and this acquisition enhances our presence there as we look to continue to grow market share.”

The acquisition also brings with it a five-year agreement and five-year renewal option to exclusively supply paint protection film and window tint to the 79 locations that comprise the Protex Paint Protection and Pelti Window Film franchise groups.

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