Genuine Parts Company completes three acquisitions
Effective January 31, 2014, Motion Industries (Canada) Inc., an indirect wholly owned subsidiary of the company's Industrial Group, Motion Industries, completed the acquisition of all of the issued and outstanding common shares of Commercial Solutions Inc., as previously announced on Dec. 2, 2013.
CSI, headquartered in Edmonton, Alberta, is one of Canada's leading independent national distributors of industrial supplies, including bearings and power transmission products, complete solutions for drilling rigs and industrial and safety supplies. Its customers represent a broad cross-section of industries and are served from 22 locations across Canada and one in the U.S. The company expects the acquired business to generate approximately $100 million in annual revenues.
Effective Feb. 1, 2014, EIS, the company's Electrical/Electronic Material Group, closed on the acquisition of the assets of Electro-Wire Inc. Headquartered in Schaumburg, Ill., Electro-Wire is a leading North American distributor and contract manufacturer of specialty wire and cable products with four locations in the United States and primarily serving the telecom and transit markets. The company expects the acquired business to generate annual revenues of approximately $100 million.
Finally, S. P. Richards, the company's Office Products Group, has acquired the assets of Garland C. Norris Company Inc., also effective Feb. 1, 2014. Headquartered in Apex, North Carolina, GCN is a regional wholesale distributor of food service disposables and janitorial and cleaning supplies. The company expects the acquired business to generate approximately $35 million in annual revenues.
Tom Gallagher, Chairman and Chief Executive Officer of Genuine Parts Company, said, "We are pleased to have closed on the acquisition of CSI, as we believe they provide Motion with significant growth opportunities across Canada. Likewise, the addition of Electro-Wire and GCN better positions EIS and S. P. Richards, respectively, for future growth. Electro-Wire strengthens the specialty wire and cable capabilities at EIS, and GCN serves to further diversify S. P. Richards' product offering into complementary, adjacent markets. We want to welcome these fine organizations to the GPC family and we look forward to the contributions they will make to our company in the years ahead."
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