Cary Group expands in Europe by acquiring Portuguese firm ExpressGlass
Cary Group continues its European expansion with the acquisition of ExpressGlass, a Portuguese vehicle glass repair and replacement company. The deal strengthens the company's position on the Iberian Peninsula.
Cary Group has signed an agreement to acquire 100% of the Portuguese company GlassCo, S.A., which operates the ExpressGlass brand. The company is active in the repair and replacement of vehicle glass in Portugal.
ExpressGlass operates 90 workshops in Portugal, with 44 owned directly by the company and 46 run by independent partners under the ExpressGlass brand. The company's total sales in 2020 were approximately EUR 15 million, with around EUR 11 million attributable to the company's own net sales. ExpressGlass services also include the calibration of advanced driver-assistance systems (ADAS).
The acquisition is expected to strengthen Cary Group's position on the Iberian Peninsula. CEO Anders Jensen stated that the move is a natural step in the company's consolidation journey. Growth expectations in the Portuguese market are driven by an increasing vehicle fleet, more kilometers driven per vehicle, and greater complexity in windscreens, which increases the demand for calibration.
ExpressGlass was founded in 2004 and is headquartered in Porto. The company has approximately 200 employees. The current management will continue to lead the company under Cary Group's ownership. The acquisition is expected to be completed in the first quarter of 2022.