LKQ Corporation is the world's largest distributor of alternative and specialty vehicle parts, founded in 1998 by Donald Flynn in Chicago, Illinois. The company operates in over 20 countries, employs approximately 44,000 associates, and has completed approximately 300 acquisitions since inception. The company's '1 LKQ Europe' integration program, launched in 2018, aims to consolidate purchasing, warehousing, systems, logistics, and back-office functions across the European operations. Ananym Capital, which began pressuring LKQ in October 2025, urged the board to sell the European business, arguing that 'keeping the European and North American businesses together makes little sense.' Ananym noted that LKQ's total return lagged proxy peers by 33% over 12 months, 113% over five years, and 253% over ten years. Any buyer would need to maintain the relationships with insurers, collision repair shops, and mechanical garages that are the foundation of LKQ's business. The company operates over 20 countries with a network of distribution centers, processing facilities, warehouses, and sales locations that provide same-day or next-day delivery to collision repair shops, mechanical garages, and insurance companies. With financial backing from Waste Management founder H. Wayne Huizenga's AutoNation car dealership chain and Waste Management cofounder Dean L. Buntrock, Flynn began looking at acquisition targets.