LAKE SUCCESS, N.Y.--(BUSINESS WIRE)--Feb. 27, 2018--
Parts Authority, one of the largest distributors of automotive and truck
parts to the aftermarket auto parts industry throughout the United
States, today announced it has entered into a definitive agreement to
purchase Interamerican Motor Corporation (“IMC” or the “Company”) from
AutoZone, Inc, (NYSE: AZO). IMC operates 26 locations across 9 states
and is the second largest distributor of OE quality import replacement
parts in the United States. For over fifty years IMC has been committed
to offering its customers a robust parts catalog sourced from hundreds
of foreign focused suppliers, including original equipment brands. The
transaction is expected to close in the coming weeks.
"We are excited to add IMC to the Parts Authority platform. This
acquisition is an expansion of our product offerings, customer touch
points and geographies. The Company’s leadership in European replacement
parts is a logical fit with Parts Authority’s current catalog," said
Randy Buller President & CEO of Parts Authority. "We believe the
expanded inventory depth of the combined organization will significantly
benefit both IMC’s existing customer base as well as Parts Authority’s
customers. In addition, the IMC footprint expands Parts Authority into
key new geographies of Florida, Texas, Northern California and the
Pacific Northwest. As with any acquisition, we are most excited about
bringing on great people. IMC’s management team and team members will
add tremendous value to our organization and we are excited to welcome
them into the Parts Authority family.”
“Parts Authority’s culture of customer service, operational excellence
and integrity combined with IMC's leadership in selling to the import
segment creates an exciting growth platform”, said Kelly Mundt VP of
Corporate Strategy of IMC. “This is a fantastic home for our team
members”, she continued.
“While we believe IMC is a valuable asset and a leader in European and
Asian branded replacement parts, the sale of IMC will allow AutoZone to
focus on our core business.,” said Bill Rhodes AutoZone’s Chairman,
President and CEO. ”We believe IMC will be better suited to a different
ownership structure where they will get the time, attention and
investments necessary to optimize their business model.”
Jefferies LLC acted as sole financial advisor to AutoZone in the
proposed sale of Interamerican Motor Corporation.
About Parts Authority:
Parts Authority, founded in 1972, is one of the largest distributors of
automotive and truck parts to the aftermarket auto parts industry in the
United States serving customers in the commercial channel, including
installers, dealerships, fleets and national accounts as well as in the
e-commerce channel. Headquartered in Lake Success, NY, Parts Authority
has over 150 locations, including IMC, across the Northeast,
Mid-Atlantic, Ohio, Georgia, Florida, Texas, Arizona, California and the
Pacific Northwest. Parts Authority is led by President & CEO Randy
Buller and a management team with long-tenured industry experience.
Parts Authority has grown through both organic initiatives as well as
through acquisitions. Over the past several years Parts Authority has
acquired over a dozen companies as part of its geographical expansion
initiative.
About AutoZone:
As of February 10, 2018, AutoZone sells auto and light truck parts,
chemicals and accessories through 5,514 AutoZone stores in 50 states
plus the District of Columbia and Puerto Rico in the U.S., and 532
stores in Mexico, 26 IMC branches and 16 stores in Brazil for a total
count of 6,088.
AutoZone is the leading retailer and a leading distributor of automotive
replacement parts and accessories in the United States. Each AutoZone
store carries an extensive product line for cars, sport utility
vehicles, vans and light trucks, including new and remanufactured
automotive hard parts, maintenance items, accessories, and
non-automotive products. Many stores also have a commercial sales
program that provides commercial credit and prompt delivery of parts and
other products to local, regional and national repair garages, dealers,
service stations, and public sector accounts. Additionally, we sell
automotive hard parts, maintenance items, accessories, and
non-automotive products through www.autozone.com,
and our commercial customers can make purchases through www.autozonepro.com.
AutoZone does not derive revenue from automotive repair or installation.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180227006401/en/
Source: AutoZone
For Parts Authority
David Serrano, 516-300-1265, ext 3299
EVP
and Chief Financial Officer
dserrano@partsauthority.com
or
For
AutoZone
Media:
Ray Pohlman, 866-966-3017
ray.pohlman@autozone.com
or
Financial:
Brian
Campbell, 901 495-7005
brian.campbell@autozone.com