ATLANTA Genuine Parts Co. (GPC) has entered into a definitive merger agreement to acquire Quaker City Motor Parts Co. (QCMP), a long-standing NAPA distributor.
GPC announced it will purchase, for cash, all of the issued and outstanding common stock of QCMP. Consummation of the merger transaction is expected on or around May 1, and is contingent upon satisfaction of customary closing conditions and receipt of applicable regulatory approvals. The company expects the acquired business to generate annual revenues of approximately $300 million.
QCMP is headquartered in Middletown, Del., and serves approximately 271 NAPA Auto Parts stores in the mid-Atlantic region of the U.S., including eastern Pennsylvania, southern New Jersey, Maryland, Delaware, the District of Columbia, the northern counties of Virginia and northeastern tip of West Virginia.
Tom Gallagher, chairman and CEO of Genuine Parts Co., stated, “We believe the acquisition of QCMP is an important strategic fit, and it offers us excellent growth opportunities in the mid-Atlantic region of the U.S. QCMP has an experienced and talented management team, and we are pleased to reach this agreement with such a high-quality organization. We look forward to the positive sales and earnings contributions they will make to our company in the years ahead.”