Michael Jacabacci, president and CEO of Woodbury Automotive
, announced this week that he has signed a definitive agreement to sell the company to New York-based Parts Authority Inc.
, headquartered in Rockville Center, N.Y.
Founded in 1973 as Clearway Automotive, The Parts Authority today offers hundreds of thousands of different parts, in more than 250,000 square feet of warehouse space, available at 15 locations around New York.
Since 1971, Woodbury Automotive Warehouse has served the tri-state area of New York, New Jersey and Connecticut from its 14 locations and its main distribution center in the Bronx, N.Y.
Jacabacci said that upon closing of the deal, the entire Woodbury team, including himself, his son Charlie Jacabacci and Mark Jackson, will remain employed by the company.
"I am pleased to announce that my entire team will continue with the company and should be very proud of all their accomplishments and their hard work in helping build our company over the past 43 years. I am very proud to be able to have worked with my son for the past 24 years. Charlie had the foresight to take our company into the millennium and having us diversify to the company we are today. His leadership has made me an extremely proud father," he said.
Jacabacci began his career in the aftermarket parts business at the young age of 14, working at Barn's Auto Parts in the Bronx. He joined Woodbury in 1973.
"I would have not traded this opportunity for any other and would have made the same decision today to help build this great company," Jacabacci wrote in a letter to customers and associates. "My greatest asset has been the support and dedication of my entire team as well as my vendors and customers. I am confident I have made the right decision in joining the Parts Authority team and their ownership Yaron Rosenthal, chairman of the board; Randy Buller, president and CEO; David Wotman, CFO; and Steve Yanofsky, vice president. My personal career goals have been filled beyond my expectation and far exceeded my wildest dreams. In my new position, I will continue my hard work and dedication to this great company. I know this company will continue to be one of the leading companies in the automotive aftermarket. The relationships and friendships I have made over my 46-year career are the rewards that fill my heart, and I will treasure them for rest of my life."
In addressing rumors about the deal that had been circulating within the industry, Parts Authority management stated it will not be closing any of Woodbury's pickup locations or closing its doors to the jobber customer base.
"We remain dedicated to that channel of business and look forward to establishing new relationships, and in many cases, expanding relationships with many of our current 'three step' customers," the Parts Authority management team stated in an announcement posted to the company's website.