Genuine Parts Co. (GPC) announced that its U.S. Automotive Parts Group will acquire Hastings Auto Parts, a regional auto parts chain based in the Detroit area.
GPC said the deal has an effective close date of Oct. 1.
The addition of Hastings “will add four stores to our distribution footprint and further expand our presence in the Detroit market,” GPC said in a news release.
Founded in 1981, Hastings is expected to generate approximate annual revenues of $10 million, GPC noted.
“Hastings represents a strategic tuck-in acquisition for our U.S. automotive business, and serves to expand our automotive store footprint and competitiveness in the greater Detroit marketplace,” GPC President and CEO Paul Donahue said. “We are pleased to welcome the Hastings team to the U.S. Automotive Parts and GPC family and look forward to working with them to expand our market share in the Detroit trading area.”
GPC also announced that its industrial group, Motion Industries, has entered into a definitive agreement to acquire Hydraulic Supply Co. (HSC), with an effective close date of Oct. 1. Founded in 1947 and based in Sunrise, Florida, HSC is a full-service fluid-power distributor, with a broad product offering of hydraulic, pneumatic and industrial components and systems.
