The Corporate team at FSP led by Philip Stepenson were delighted to have advised a subsidiary of NASDAQ listed, LKQ Corporation, on its acquisition of a majority stake in LKQ Electriq Limited.
LKQ Electriq Limited (formerly trading as part of Cedar Garage) are the UK’s leading electric vehicle repair specialists and are partnering with LKQ to launch the new LKQ Electriq business.
As electric vehicles continue to gain market share, LKQ Electriq will offer independent garages and bodyshops a repair-first solution for electric vehicle batteries and high-voltage components by providing high-quality, cost effective outsourced support. By doing so, independent garages and bodyshops will be able to retain their customers and attract new ones by providing an outsourced repair solution without the need for extensive upfront investment. Cedar Garage’s owners, Matt Copp and Kevin Pearce will continue to lead LKQ Electriq’s specialist team.
Before LKQ could acquire a majority stake in LKQ Electriq Limited, Cedar Garage’s existing electric vehicle repair business had to be demerged from its existing of servicing and repairing vehicles of all fuel types.
On working with FSP, David Hughes, Legal Director of LKQ UK & Ireland said “This transaction had its own unique challenges, but the FSP team worked tirelessly for us, providing timely, detailed and commercial advice, with a commitment and determination to getting the deal done. It was a pleasure to work with them and we are delighted with the outcome.”
The team at FSP was led by Corporate Partner Philip Stephenson with support from fellow Corporate Partner, Rachael Maunder, Olivia Vines (Solicitor, Corporate), Thelma Brako (Solicitor, Corporate), Dan Barnhouse (Legal Director, Banking and Finance), Anna Zatouroff (Legal Director, Commercial Property), David Clay (Legal Director, Employment) and Cathrine Ripley (Partner, Commercial, IP and Technology).
