CINCINNATI (March 26, 2014) — Staunton, Va.-based Fisher Auto Parts, the founding member of Federated Auto Parts, has acquired a controlling interested in Cincinnati-based KOI Auto Parts, effective April 1.
KOI, which began operations in 1946, has 72 outlets, most of which are located in Kentucky, Ohio and Indiana, Fisher said. The firm is involved in a variety of markets, including aftermarket, OE, import, PBE and specialty divisions, and has annual revenue of about $200 million.
According to Fisher, the deal is a “strategic merger” that should result in “minimal visible changes to customers, suppliers and team members.”
“KOI is excited about this merger, with all our employees getting the opportunity of a lifetime to grow both professionally and personally,” KOI President Dave Wesselman said. “Our management team remains in place, and all 1,000-plus team members have retained their positions.
“It was very important to KOI’s board of directors that all of our employees retain their jobs and have the advancement opportunities this merger provides.”
Fisher now has 470 locations, plus more than 100 independent jobbers in 18 states, the company said. The company has quadrupled in size over the last decade through a combination of same store sales, mergers and acquisitions, it said.
“For decades, we’ve considered Dave Wesselman and his team as close allies, friends and Federated members,” said Fisher CEO Bo Fisher. “They have some of the most talented people in the aftermarket, as demonstrated by their impressive results. This subsidiary division will continue to operate under Dave Wesselman’s leadership and retain the advantages that customers appreciate.”
Mr. Fisher added that the combined companies will be working to improve in “every possible area, with the ultimate goal of enhancing customer service, providing opportunity to team members and significantly growing volume with our important supplier partners.”
Fisher said its plan of adding more than $225 million in revenues during the first half of 2014 (including other initiatives) is not expected to hinder future acquisition plans.
Founded in 1929 by Blair Coiner, Mr. Fisher’s grandfather, Fisher Auto Parts employs about 5,100.
How have local road conditions and/or road construction impacted tire repairs/automotive services at your dealership?
|We've seen an increase in business.||
40% (17 votes)
|Things are holding steady.||
50% (21 votes)
|Business is trending down.||
10% (4 votes)
|Total votes: 42|