Fisher Auto Parts, KOI Auto Parts announce strategic merger
KOI Auto Parts President Dave Wesselman announced that “Fisher Auto Parts will acquire controlling interest in KOI Auto Parts effective April 1, 2014, at which point there should be minimal visible changes to customers, suppliers and team members. By obtaining outside investment and partnering up with great people; we plan to take customer service to another level as we implement our strategy of moving Forward in ‘14.”
KOI began in 1946 and currently has 72 locations with revenue of $200M heavily concentrated in three states: Kentucky, Ohio and Indiana. KOI’s high volume stores obtain a significant percentage of market share due to its presence in all market types including aftermarket, OE, import, PBE and specialty divisions.
“KOI is excited about this merger with all our employees getting the opportunity of a lifetime to grow both professionally and personally,” 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. It is business as usual at KOI. Our efforts will continue to support the KOI/Federated Brand as we look forward and continue to grow our company to be the leading auto parts supplier in our markets with the enhanced financial strengths this merger brings.”
Fisher Auto Parts now has 470 locations plus more than 100 independent jobbers in 18 states.
CEO Bo Fisher states, “For decades, we’ve considered Dave Wesselman and his team as close allies, friends and Federated members. 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. As we visited each location, we couldn’t have been more impressed by the capable people at every level. Our combined companies are committed to constantly improving 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. This provides numerous synergies and fits like a glove, especially given the 2010 acquisition of Pat Young, based in northern Ohio. Our single largest volume state is now Ohio and we are 100% committed to making this a success for everyone involved!”
Fisher Auto Parts continues a steady growth strategy and has more than quadrupled in size over the last decade through a combination of same store sales, mergers and acquisitions. Founded in 1929 by Blair Coiner, Bo’s grandfather, Fisher Auto Parts currently has approximately 5,100 employees. The company’s plan of adding over $225M in revenues during the first half of 2014 (including other initiatives) is not expected to hinder future acquisition plans; other potential growth opportunities are projected as it executes its five-year plan.
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