ATLANTA, March 5, 2019 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today an acquisition for its European
Automotive business.
Alliance Automotive Group (AAG), the Company's wholly-owned
automotive distribution company based in London, U.K., has entered into a definitive
agreement to acquire PartsPoint Group (PartsPoint). The transaction
is expected to close on June 1, 2019,
and is contingent upon satisfaction of customary closing conditions
and receipt of applicable regulatory approvals.
PartsPoint Group, headquartered in Ede, Netherlands, is a leading distributor of
automotive aftermarket parts and accessories in the Benelux.
Through a network of one national distribution center, six regional
warehouses and 147 branches, PartsPoint serves many thousands of
customers across the Netherlands
and Belgium, predominantly
independent garages and wholesalers. The Company expects the
acquired business to generate annual revenues of approximately
$330 million (US$).
Paul Donahue, President and Chief
Executive Officer of Genuine Parts Company, stated, "PartsPoint
Group is a leading supplier of automotive parts and accessories in
the Benelux marketplace, and we are pleased to expand our European
footprint into this region with such an outstanding
organization. We are excited for the opportunities we see in
the Netherlands and Belgium, and we look forward to the many
contributions the PartsPoint team will make in the years
ahead."
Jean-Jacques Lafont, Chief
Executive Officer of Alliance Automotive Group added, "PartsPoint
Group is an excellent strategic fit for AAG and an important
milestone in our growth strategy in Europe. PartsPoint has a
strong and talented management team and we look forward to
supporting their long-term growth plans. We welcome the
addition of PartsPoint to AAG."
Forward Looking Statements
Some statements in this press release, 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 the anticipated strategic benefits,
synergies and other attributes resulting from this and other
acquisitions, as well as 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, the Company's ability to successfully integrate PartsPoint
Group and prior acquisitions into the Company and to realize the
anticipated synergies and benefits; changes in the European
aftermarket; the Company's ability to successfully implement its
business initiatives in each of its three business segments;
slowing demand for the Company's products; changes in national and
international legislation or government regulations or policies,
including new import tariffs and data security policies and
requirements; changes in general economic conditions, including
unemployment, inflation (including the impact of potential tariffs)
or deflation and the United
Kingdom's referendum to exit from the European Union,
commonly known as Brexit; changes in tax policies; volatile
exchange rates; volatility in oil prices; significant cost
increases, such as rising fuel and freight expenses; labor
shortages; uncertain credit markets and other macroeconomic
conditions; competitive product, service and pricing pressures; the
ability to maintain favorable vendor arrangements and
relationships; disruptions in our vendors' operations, including
the impact of tariffs and trade considerations on their operations
and output, as required to meet product demand; the Company's
ability to successfully integrate its other acquired businesses;
failure or weakness in our disclosure controls and procedures and
internal controls over financial reporting; the uncertainties and
costs of litigation; disruptions caused by a failure or breach of
the Company's information systems, as well as other risks and
uncertainties discussed in the Company's Annual Report on Form 10-K
for 2018 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, Australasia, France, the U.K., Germany and Poland. The Company also
distributes industrial replacement parts and electrical specialty
materials in the U.S., Canada and
Mexico through its Industrial
Products Group. S.P. Richards Company, the Business Products
Group, distributes a variety of business products in the U.S. and
Canada. Genuine Parts Company had
2018 revenues of $18.7 billion.
Further information is available at www.genpt.com.
About Alliance Automotive Group
Alliance Automotive Group is a leading distributor of light and
commercial vehicle parts to the independent aftermarket in
France, Germany, the U.K., and Poland, doing business under the Groupauto
France, Précisium, Partners and Gef'Auto brands in France, Groupauto UK, UAN and FPS in the UK,
Alliance Automotive Group Germany in Germany and Groupauto Poland in Poland.
AAG serves approximately 40,000 garages with over 100,000 different
parts for repair and maintenance from a network of more than 300
company-owned stores and approximately 1,800 affiliated
outlets. Further information is available at
www.allianceautomotivegroup.eu.
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SOURCE Genuine Parts Company