Axel Johnson sells its shareholding in Mekonomen Group to LKQ Corporation

An agreement has been reached between Axel Johnson AB and LKQ Corporation (Nasdaq: LKQ) to sell shares in Mekonomen Group. LKQ Corporation acquires 26,5 percent of the shares in Mekonomen Group from Axel Johnson AB.

Since Axel Johnson’s entry as the largest owner of Mekonomen Group in 2006, the company has developed from a strong Swedish position to become Scandinavia’s leading independent automotive spare parts company. The turnover has, with good and stable profitability, increased from approximately SEK 2,5 billion in 2006 to nearly SEK 6 billion 2015. During the past decade, Axel Johnson has supported Mekonomen in a number of critical acquisitions in the Nordic Market, in its brand building, in the development of the private label ProMeister, and in the development of its consumer business.

LKQ Corporation is one of the world’s foremost distributors of vehicle products, including replacement parts, components and systems used in the repair and maintenance of vehicles, as well as specialty vehicle products and accessories.

- We are happy to see LKQ succeed us as largest owner in Mekonomen Group. We believe that the company will benefit from having a strategic large owner with industrial knowledge and a global perspective, says Mia Brunell Livfors, CEO, Axel Johnson AB.

- Mekonomen Group has an excellent reputation for customer service and innovation and we have great respect for the quality of its operations and management. Mekonomen Group will remain independent of LKQ’s existing European operations; however, we look forward to exploring, together with Mekonomen Group’s management, areas where the companies could work together in a mutually beneficial manner, says John S. Quinn, Chief Executive Officer and Managing Director of LKQ Europe.