IAA Agrees to Purchase U.K. Salvage Firm

By Staff Writer October 24, 2021

IAA Inc., a global digital marketplace connecting vehicle buyers and sellers, has acquired the stock of SYNETIQ Ltd., an integrated salvage and vehicle dismantling company in the United Kingdom, for $309.6 million. IAA Inc. will acquire the stock of SYNETIQ through its indirect wholly owned subsidiary IAA International Holdings Limited.

Founded in 2019 from the merger of four entities, SYNETIQ provides salvage auction services for insurance companies, accident management companies, and other public and private sellers. In addition, the company is a seller of reusable parts that are dismantled from salvage vehicles and reissued into the automotive supply chain. SYNETIQ has 14 locations and approximately 500 employees throughout the United Kingdom. The transaction is expected to be immediately accretive to earnings per share.

“We are very excited about the acquisition of SYNETIQ,” said John Kett, chief executive officer and president of IAA. “This transaction significantly expands our business in the United Kingdom from both a scale and portfolio perspective, supporting the overall IAA growth strategy. Closing is expected to occur by the end of October 2021.

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Last modified on Monday, 25 October 2021 16:22