The Business

Auto & Truck Glass LLC (“ATG”) (www.atgglass.com) is the largest national provider of windshield replacement and installation services to the U.S. rental car industry. ATG serves most of the largest domestic rental car companies, including Advantage, Alamo, Avis, Budget, Dollar, Enterprise, FOX, National, Payless and Thrifty Car Rental. ATG also serves the remarketing industry’s regional auto auctions and consignors, including automotive manufacturers, large fleet operators, dealers and finance and leasing organizations.

The Industry

ATG participates in the $4+ billion U.S. windshield replacement and installation industry. Approximately 11 million windshields are replaced annually in the U.S. with approximately 335,000, or three percent, of those replaced by rental car companies. The windshield replacement industry is highly fragmented, comprised of more than 20,000 companies, most of which are small, owner-operated businesses. The windshield replacement industry has recently begun to consolidate with notable transactions such as Belron’s acquisition of Safelite and Diamond Glass.

The Process

Prestwick Partners initiated this transaction and acted as exclusive financial advisor to ATG (Mission Viejo, California) and Tuckerman Capital (Hanover, New Hampshire). Prestwick Partners designed an M&A process, prepared marketing materials, evaluated acquisition proposals and negotiated the transaction with Guardian Industries Corp., a multi-billion, diversified global manufacturing company with leading market shares in float glass, fabricated glass products, fiberglass insulation and other building materials.