The Skidmore Group has completed the sale of Speedy Auto Glass USA Inc. and Novus Inc. and other assets including Novus Franchising Inc., TCGI Australia PTY Ltd., TCGI (Jersey) Ltd., Windshields.com Inc., Transamerica Glass Inc., Splashes Auto Spa Inc., Shat R Proof Corp. and Windshield Doctor Canada Ltd. to Fix Auto World, according to an announcement from the company.
“Skidmore has evolved over the past 18 to 24 months, and taken actions designed to reflect evolving leadership and strategic portfolio change,” says Rick Christiaanse, chief commercial officer. “The sale of Novus Glass and Speedy Glass, which spans more than 2000 locations across 25 countries, will allow Skidmore Group to concentrate on initiatives that support our vision of buying good companies and building them to be great. Moreover, the divestiture of our glass division will allow us to generate stronger cash flow and higher margins at Skidmore Group’s core investment business.”
Skidmore announced on April 4 that it had agreed to sell Speedy Glass USA and Novus Glass to Fix Auto World. Fix Auto is a privately held company based in Montreal, Canada.