Genuine Parts Company Announces Acquisition of Largest NAPA Independent Store Owner in the U.S.

Rhea-AI Summary

Genuine Parts Company (NYSE: GPC) announced the acquisition of Motor Parts & Equipment (MPEC), the largest independent owner of NAPA Auto Parts stores in the U.S. This strategic move aligns with GPC's goal to own more NAPA stores in key markets, expanding its presence across several states.

Positive

• Genuine Parts Company expands its U.S. Automotive business through the acquisition of MPEC, enhancing its market position and presence in priority markets.

Negative

• None.

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Advances Strategic Initiative to Own More Stores in Priority Markets

ATLANTA, May 1, 2024 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today an acquisition for its U.S. Automotive business. Effective April 30, 2024, the company acquired Motor Parts & Equipment Corporation (MPEC).

MPEC, founded in 1938, is based in Rockford, Illinois. It is the largest independent owner of NAPA Auto Parts stores in the U.S., operating 181 locations across Illinois, Indiana, Iowa, Michigan, Minnesota and Wisconsin.

"We are pleased to announce the completion of this strategic acquisition, which aligns with our initiative to own more NAPA stores in priority markets," said Will Stengel, President & CEO-elect of GPC. "We appreciate our long-standing partnership with MPEC's Executive Chairman, Joseph Hansberry, and welcome our new MPEC teammates to GPC and NAPA. We are excited to work together to deliver solutions and value to our customers."

About Genuine Parts Company
Established in 1928, Genuine Parts Company is a leading global service organization specializing in the distribution of automotive and industrial replacement parts. Our Automotive Parts Group operates across the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal, while our Industrial Parts Group serves customers in the U.S., Canada, Mexico and Australasia. We keep the world moving with a vast network of over 10,700 locations spanning 17 countries supported by more than 60,000 teammates. Learn more at genpt.com.

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SOURCE Genuine Parts Company

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the latest acquisition announced by Genuine Parts Company?

Genuine Parts Company announced the acquisition of Motor Parts & Equipment (MPEC).

Where is Motor Parts & Equipment (MPEC) based?

MPEC is based in Rockford, Illinois.

How many NAPA Auto Parts stores does MPEC operate across the U.S.?

MPEC operates 181 NAPA Auto Parts stores across Illinois, Indiana, Iowa, Michigan, Minnesota, and Wisconsin.

Who is the President & CEO-elect of Genuine Parts Company?

Will Stengel is the President & CEO-elect of Genuine Parts Company.