S. P. Richards Company, the office products group of Genuine Parts Company (GPC) has completed the acquisition of Impact Products, LLC, a leading supplier of facility, janitorial and safety supplies in North America. Impact Products has its headquarters in Toledo, OH and distribution centers in Toledo and Walnut, CA.
The agreement for the acquisition was announced on Jun 17, 2014 and it has closed on schedule. The deal is expected to boost revenues of Genuine Parts by $85 million per annum. Moreover, it will complement the acquisition of Garland C. Norris by S. P. Richards, which was completed on Feb 1, 2014.
Genuine Parts had announced three acquisitions simultaneously on Feb 3, 2014. Apart from the Garland C. Norris acquisition, Electro-Wire, Inc. and Commercial Solutions Inc. were acquired by the company.
EIS – the Electrical/Electronic Material Group of Genuine Parts – completed the acquisition of the assets of Electro-Wire, Inc. on Feb 1, 2014. Additionally, Motion Industries (Canada), Inc., an indirect wholly owned subsidiary of Motion Industries – the Industrial Group of Genuine Parts – completed the acquisition of 100% of the issued and outstanding common shares of Commercial Solutions Inc. on Jan 31, 2014.
Genuine Parts frequently undertakes acquisitions to expand its business. In the near term, the company is targeting bolt-on acquisitions of companies with annual revenue ranging from $25 million to $125 million.
At present, Genuine Parts carries a Zacks Rank #3 (Hold). Other stocks worth considering in the same industry include Fox Factory Holding Corp (FOXF), Standard Motor Products Inc. (SMP) and Douglas Dynamics, Inc. (PLOW). Fox Factory sports a Zacks Rank #1 (Strong Buy), while Standard Motors and Douglas Dynamics have a Zacks Rank #2 (Buy).