ATLANTA, June 21, 2016 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today that it has entered into two
definitive agreements.
The Company has entered into definitive agreements to acquire
Auto-Camping, Ltd. and select assets within the Janitorial and
Sanitation ("Jan/San") business of Rochester Midland
Corporation. These two businesses combine to generate
approximately $70 million in annual
revenues, and both agreements are expected to close on July 1, 2016, subject to satisfaction of
customary closing conditions.
Auto-Camping, with 20 locations across Canada, is a leading distributor of original
equipment import parts in Canada. Auto-Camping specializes in
original equipment automotive parts for European vehicles and sells
to foreign repair specialists as well as original equipment
dealers. The addition of Auto-Camping is expected to generate
annual revenues of approximately $50
million (USD).
The Jan/San business supplies a variety of Janitorial and
Sanitation accessories to more than 400 distributors primarily in
North America. The Company plans to integrate this
business into the Impact Products division of S.P. Richards and its
growing Facilities and Breakroom Supplies product offering.
This business is expected to generate incremental annual revenues
of approximately $20 million.
Paul Donahue, President and Chief
Executive Officer of Genuine Parts Company, stated, "The purchase
of these two businesses represents our ongoing commitment to
accretive growth through targeted acquisitions. The purchase
of Auto-Camping complements our Olympus Import Parts acquisition in
the first quarter of 2016 and further expands our product offering
and distribution capabilities in the fast growing import parts
sector of the aftermarket. Our Jan/San investment supports
our diversification strategy and growth initiatives at S.P.
Richards. We are pleased to add both businesses to the GPC family
and we look forward to their future contributions to the growth of
the Company."
Forward Looking Statements
Some statements in this
report, as well as in other materials we file with the Securities
and Exchange Commission (SEC) or otherwise release to the public
and in materials that we make available on our website, constitute
forward-looking statements that are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Senior officers may also make verbal statements to
analysts, investors, the media and others that are
forward-looking. Forward-looking statements may relate, for
example, to future operations, prospects, strategies, financial
condition, economic performance (including growth and earnings),
industry conditions and demand for our products and services.
The Company cautions that its forward-looking statements involve
risks and uncertainties, and while we believe that our expectations
for the future are reasonable in view of currently available
information, you are cautioned not to place undue reliance on our
forward-looking statements. Actual results or events may
differ materially from those indicated as a result of various
important factors. Such factors may include, among other
things, slowing demand for the Company's products, changes in
general economic conditions, including, unemployment, inflation or
deflation, high energy costs, uncertain credit markets and other
macro-economic conditions, the ability to maintain favorable vendor
arrangements and relationships, disruptions in our vendors'
operations, competitive product, service and pricing pressures, the
Company's ability to successfully implement its business
initiatives in each of its four business segments, the Company's
ability to successfully integrate its acquired businesses, the
uncertainties and costs of litigation, as well as other risks and
uncertainties discussed in the Company's Annual Report on Form 10-K
for 2015 and from time to time in the Company's subsequent filings
with the SEC.
Forward-looking statements are only as of the date they are
made, and the Company undertakes no duty to update its
forward-looking statements except as required by law. You are
advised, however, to review any further disclosures we make on
related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other
reports to the SEC.
About Genuine Parts Company
Genuine Parts Company is
a distributor of automotive replacement parts in the U.S.,
Canada, Mexico and Australasia. The Company also
distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries
subsidiary. S.P. Richards Company, the Office Products Group,
distributes business products in the U.S. and Canada. The Electrical/Electronic Group, EIS,
Inc., distributes electrical and electronic components throughout
the U.S., Canada and Mexico. Genuine Parts Company had 2015
revenues of $15.3 billion.
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SOURCE Genuine Parts Company