XPEL Acquires Veloce Innovation a Leading Distributor of Architectural Films
January 11 2021 - 8:03AM
Business Wire
XPEL, Inc. (Nasdaq: XPEL) (the "Company"), a global provider of
protective films and coatings, announces the acquisition of
Houston, Texas-based Veloce Innovation, a leading provider of
architectural films for use in residential, commercial, marine and
industrial settings. The acquisition closed on December 31,
2020.
Ryan Pape, President and Chief Executive Officer of XPEL,
stated, “We’re pleased to welcome industry veteran Harry Rahman and
his team from Veloce to XPEL. Harry brings a wealth of experience,
extensive knowledge and deep relationships in the architectural
window film industry. We look forward to leveraging Harry’s
expertise to accelerate revenue generation in this key product
segment for XPEL.”
“XPEL has a premium brand and increasing recognition in the
architectural film marketplace. With XPEL’s vast resources and
global infrastructure, I look forward to this opportunity to help
drive the continued progress and strong growth of XPEL’s commercial
and residential window segment,” commented Harry Rahman, Founder of
Veloce Innovation.
Terms of the acquisition agreement were not disclosed.
About XPEL, Inc.
XPEL is a leading provider of protective films and coatings,
including automotive paint protection film, surface protection
film, automotive and architectural window films, and ceramic
coatings. With a global footprint, a network of trained installers
and proprietary DAP software, XPEL is dedicated to exceeding
customer expectations by providing high-quality products, leading
customer service, expert technical support and world-class
training. XPEL, Inc. is publicly traded on Nasdaq under the symbol
“XPEL”.
Safe harbor statement
This release includes forward-looking statements regarding XPEL,
Inc. and its business, which may include, but is not limited to,
anticipated use of proceeds from capital transactions, expansion
into new markets, and execution of the company's growth strategy.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans," "is expected," "expects,"
"scheduled," "intends," "contemplates," "anticipates," "believes,"
"proposes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may," "could," "would," "might" or "will" be taken, occur or be
achieved. Such statements are based on the current expectations of
the management of XPEL. The forward-looking events and
circumstances discussed in this release may not occur by certain
specified dates or at all and could differ materially as a result
of known and unknown risk factors and uncertainties affecting the
company, performance and acceptance of the company's products,
economic factors, competition, the equity markets generally and
many other factors beyond the control of XPEL. Although XPEL has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking statement
can be guaranteed. Except as required by applicable securities
laws, forward-looking statements speak only as of the date on which
they are made and XPEL undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210111005685/en/
For more information, contact: Investor Relations: John
Nesbett/Jennifer Belodeau IMS Investor Relations Phone: (203)
972-9200 Email: jnesbett@institutionalms.com
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