San Antonio, Texas -- XPEL Technologies Corp. has completed its transaction of UK-based Paintshield Ltd through the purchase of 100 percent of Paintshield's shares.
Prior to the transaction, Paintshield worked with XPEL as both a product dealer and design arm for XPEL's European pattern development activities.
Paintshield and its affiliates will serve as distribution channels for the new XPEL paint protection film and complete line of installation tools said XPEL, in a 20 Nov statement.
"The addition of Paintshield and its affiliates into XPEL's operations is an extremely positive step forward for our company and will certainly accelerate our growth model," said XPEL's ceo, Steven McAuley.
"Not only do we add immediate top-line revenues, but we add market channels into various parts of the world, giving us the ability to distribute our recently introduced XPEL polyurethane paint protection film and associated installation tools," he added.
XPEL paid Paintshield around $147 000 and gave it 423 812 shares of XPEL common stock. (ss)