KSI Trading Corp., a Southfield, New Jersey-based distributor of auto body parts, announced it has signed a definitive agreement to acquire wholesaler Richmond Tidewater Bumper.
Founded in 1980 by Norman Seay, Richmond Tidewater Bumper sells OEM-look-alike crash parts to body and paint shops. The company’s 200,000-square-foot distribution facility “provides unparalleled access to markets in coastal Virginia as well as in North Carolina,” according to KSI.
The acquisition also will increase KSI’s presence with multi-shop operators and insurers, KSI said.
“Today is an exciting day at KSI Auto Parts as we announce our first acquisition and realize an important step in our long-term growth strategy,” said Christopher Patti, CEO of KSI Trading Corp. “The combination of these two long-tenured businesses expands our delivery fleet and gives KSI an NSF-certified distribution center. The acquisition of RTB furthers our mission of becoming the second-largest distributor of automotive aftermarket collision parts in North America.
“KSI’s new management team looks forward to continuing our aggressive plan to expand the business, both organically and via acquisitions, to provide options for, and exceptional service to body shops and insurance companies within every market. We continue to see opportunities to increase our market share and accelerate our long-term growth through similar acquisitions.”
Earlier this year, KSI was acquired by Investcorp, a global provider and manager of alternative investment products with a history of investing in automotive and related markets.
“We are thrilled to see KSI executing on its growth plan by acquiring RTB, a high-quality company within the segment, and we look forward to seeing KSI continue to grow geographically and establish stronger relationships with insurance companies and MSOs,” said Steve Miller, managing director of Investcorp’s private equity group in North America.
Richmond Tidewater Bumper will operate under the name “Richmond Tidewater Bumper, a KSI Auto Parts Company” until it transitions to “KSI Auto Parts.”
KSI said it is keeping all existing RTB locations and its customers will continue to be serviced primarily out of the Mechanicsville location. The acquisition brings KSI’s total headcount to approximately 700 employees.
