ATLANTA, Aug. 1, 2023
/PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today
an acquisition for its European Automotive business. Effective
July 31, 2023, Alliance Automotive
Group (AAG), the company's wholly-owned automotive distribution
company based in London, U.K.,
acquired Recambios y Accesorios Gaudí, S.L. (Gaudi).
Gaudi, founded in 1989, is one of the leading independent
players in Spain with 22 stores
operating mainly in the Catalonia and Madrid regions. Thanks to a combination of
organic growth and numerous store openings, the business has
expanded significantly over the past years, achieving annual
revenues of approximately €100 million ($110
million USD). These results reflect the expertise of the
Gaudi team and its 350 employees across all vehicle segments in the
automotive sector.
"We are pleased to expand our European Automotive footprint with
the addition of Gaudi," said Paul
Donahue, Chairman and Chief Executive Officer of GPC. "With
this acquisition, we are broadening our leadership position in
Spain, Europe's fifth largest automotive market,
while extending the opportunities for rollout of the NAPA brand and
enhancing the profitability of our European business.
"The synergies provided by this transaction will enable us to
grow more effectively and allow us to provide even greater customer
service throughout the country. We welcome the Gaudi team to
the GPC and AAG family and are excited to work together to maximize
the growth opportunities in our European business," continued
Donahue.
The addition of Gaudi further builds on AAG Iberia's strategic
foothold in the automotive aftermarket, previously represented by
Lausan in Spain and Soulima in
Portugal.
Forward Looking Statements
This press release
contains "forward-looking statements" that are subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. All statements in the future tense and all statements
accompanied by words such as "opportunities" and "will" or similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include statements
regarding the acquisition of Gaudi by GPC's subsidiary, AAG,
including those relating to extending the rollout of the NAPA brand
in Europe, enhancing the
profitability of GPC's European business, and growing more
effectively in Spain through
synergies. Forward-looking statements are based on information
currently available to GPC and involve estimates, expectations and
projections. Investors are cautioned that all such forward-looking
statements are subject to risks and uncertainties, and important
factors could cause actual events or results to differ materially
from those indicated by such forward-looking statements. With
respect to the proposed acquisition, these risks, uncertainties and
factors include, but are not limited to: the risk that Gaudi will
not be integrated successfully; the risk that the cost savings,
synergies and growth from the acquisition may not be fully realized
or may take longer to realize than expected; the diversion of
management time on transaction-related issues; and the risk that
costs associated with the integration of the business are higher
than anticipated.
Additional information regarding other risks and uncertainties
that may impact GPC and its operations are also contained in
GPC's most recent Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
filed with the Securities and Exchange Commission.
Many of these risks, uncertainties and assumptions are
beyond GPC's ability to control or predict. Because of these
risks, uncertainties and assumptions, actual results may vary
materially, and you should not place undue reliance on these
forward-looking statements. Furthermore, forward-looking statements
speak only as of the information currently available to the parties
on the date they are made, and GPC does not undertake any
obligation to update publicly or revise any forward-looking
statements to reflect events or circumstances that may arise after
the date of such communication, except as required by law.
Forward-looking statements are only as of the date they are
made, and the Company undertakes no duty to update any
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 filed with the SEC.
About Genuine Parts Company
Founded in 1928, Genuine
Parts Company is a global service organization engaged in the
distribution of automotive and industrial replacement parts. The
company's Automotive Parts Group distributes automotive replacement
parts in the U.S., Canada,
Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the
Netherlands, Belgium,
Spain and Portugal. The company's Industrial Parts Group
distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the company
serves its global customers from an extensive network of more than
10,000 locations in 17 countries and has approximately 58,000
employees. Further information is available at
www.genpt.com.
About Alliance Automotive Group
Alliance Automotive
Group (AAG), is a leading distributor of light and commercial
vehicle parts to the independent aftermarket in France, the U.K., Ireland, Germany, Poland, the
Netherlands, Belgium,
Spain and Portugal. AAG is doing business under the
Groupauto France, Precisium Group and Pièces Auto in France, Groupauto UK and UAN in the UK,
Groupauto Ireland in Ireland,
Alliance Automotive Group Germany in Germany, Groupauto Poland in Poland and Partspoint, Precisium and Winparts
in the Netherlands and
Belgium, Groupauto Iberica in
Spain and in Portugal. AAG serves approximately 100,000
garages with over 100,000 different parts for repair and
maintenance from a network of more than 700 company-owned stores
and more than 1,700 affiliated outlets. The company is a wholly
owned subsidiary of Genuine Parts Company, the largest worldwide
automotive parts distributor with activities in North America, Europe, and Australasia. Further information
is available at www.allianceautomotivegroup.eu.
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SOURCE Genuine Parts Company