ATLANTA (Feb. 29, 2012) — Genuine Parts Co. (GPC), parent firm of NAPA Auto Parts, has entered into a definitive merger agreement to acquire Quaker City Motor Parts Co. (QCMP), a long-standing NAPA distributor.
GPC said it will purchase for cash all of the issued and outstanding common stock of QCMP, with the merger transaction expected to close on or around May 1. The deal is contingent upon satisfaction of customary closing conditions and receipt of applicable regulatory approvals, the company said.
GPC expects the acquisition of Middletown, Del.-based QCMP will generate annual revenues of about $300 million.
Tom Gallagher, GPC's chairman and CEO, said the company believes the acquisition “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.”
QCMP 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.