Cary Group acquires seven companies and increases revenue by 40%
Vehicle glass repair and replacement provider Cary Group reported strong Q2 growth with revenue up 40%, alongside seven new acquisitions.
Cary Group, a European provider of vehicle glass repair and replacement services, reported a significant increase in net sales for the second quarter of 2021, up 40% to SEK 575 million from SEK 412 million in the prior year. The company also completed seven acquisitions during the quarter, including Quick Car Fix in Norway, which specializes in SMART repair techniques.
Adjusted EBITA rose to SEK 102 million, but the adjusted EBITA margin decreased to 17.8% from 21.9% in the second quarter of 2020. Cary Group CEO Anders Jensen attributed the revenue growth to easing COVID-19 restrictions and increased demand in key markets. The number of workshops and mobile units grew by 12% to 601 during the period.
Following the end of the quarter, Cary Group expanded its European presence by acquiring Ralarsa, Spain's second-largest player in automotive glass repair and replacement. Jensen highlighted Spain as a key market and Ralarsa as a strategic fit for the company's business model. Another acquisition, Autoklinik in Malmö, was also completed in July.
For the first six months of 2021, Cary Group's net sales increased by 21% to SEK 1,032 million. The adjusted EBITA margin for the period was 17.0%. The company continues to pursue a strategy of expansion across Europe through both organic growth and further acquisitions.