Belron US to Acquire Assets of Diamond Glass

COLUMBUS, Ohio, June 20 /PRNewswire/ -- Belron US, the nation's leading vehicle glass repair and replacement company, announced today that it has reached an agreement to acquire substantially all the assets of Diamond Glass for $50 million plus the assumption of various liabilities, subject to approval by the United States Bankruptcy Court and any required regulatory approvals.

Diamond filed for chapter 11 bankruptcy protection on April 1 and was put up for sale under a S363 process.

"Diamond Glass has a long and distinguished history," said Tom Feeney, president and CEO of Belron US. "Our team felt the acquisition could contribute to providing better service to our customers and would enable us to add experienced associates to our growing business."

The acquired assets of Diamond Glass, headquartered in Kingston, Pa., will be integrated into the Belron US operating model and the organization will be led by the Belron US senior leadership team. Belron US, which does business under the names Safelite AutoGlass(R), Elite Auto Glass(TM) and Auto Glass Specialists(R), will continue to be headquartered in Columbus, Ohio.

Belron US is a subsidiary of Belron SA, the world's largest and most successful vehicle glass repair and replacement company, operating in 28 countries.

The Diamond Glass acquisition is the continuation of Belron SA's strategic plan to profitably grow in the United States. Just 16 months ago, Belron acquired Safelite Group, which was the largest vehicle glass repair and replacement company in the United States at that time.

"Following completion of the transaction, the Belron US management team intends to work closely with the Diamond management team to assess the options for integrating the Diamond assets into Belron US," adds Feeney. "Then, it will be determined how best to move forward together."

The acquisition will give Belron US more retail locations, increased business capacity and improved customer service.

Founded in 1923 with one storefront and one truck, Diamond Glass had grown from its original service center in Scranton, Pa., to a network of 217 service centers and approximately 900 mobile installation vehicles in 42 states. Diamond Glass had more than 1,600 employees as of March 15.

About Belron US

Belron US, a subsidiary of Belron SA, is a multi-faceted vehicle glass and claims management service organization based in Columbus, Ohio. The company is composed of three major business operations that include vehicle glass fulfillment services, operating under the trade names Auto Glass Specialists(R), Elite Auto Glass(TM) and Safelite AutoGlass(R); windshield manufacturing; and Safelite Solutions(R) which offers fleet and insurance claims management services. The company employs more than 7,000 people throughout the United States.