Genuine Parts Co. (GPC) today announced acquisitions for both its Industrial Group, Motion Industries, and its U.S. Automotive Parts Group.
Motion Industries has entered into a definitive agreement to acquire Hydraulic Supply Company (HSC), with an effective close date of Oct. 1. HSC, founded in 1947 and based in Sunrise, Florida, is a leading full-service fluid power distributor, with a broad product offering of hydraulic, pneumatic and industrial components and systems. HSC operates from 30 locations primarily in the southeastern United States, which are supported by one central distribution center. GPC expects HSC to generate estimated annual revenues of $85 million.
In addition, the company has entered into a definitive agreement to acquire Hastings Auto Parts Inc. (Hastings), also with an effective close date of Oct. 1. The addition of Hastings, founded in 1981 and based in the Detroit area, will add four stores to GPC’s distribution footprint and will further expand its presence in the Detroit market. Hastings is expected to generate approximate annual revenues of $10 million.
Paul Donahue, president and CEO, commented, “HSC has over 70 years of experience in serving the fluid power industry, and the addition of HSC enhances Motion’s footprint for additional fluid power product growth. We are excited to welcome the HSC team to the Motion Industries and the GPC family, and we look forward to working with them to grow our products and services offering into the future.”
He added, “Hastings represents a strategic tuck-in acquisition for our U.S. automotive business, and serves to expand our automotive store footprint and competitiveness in the greater Detroit marketplace. We are pleased to welcome the Hastings team to the U.S. Automotive Parts and GPC family and look forward to working with them to expand our market share in the Detroit trading area.”
These latest acquisitions come on the heels of the news that GPC’s SP Richard’s business was given notice that its proposed merger with Essendant was called off, after the company received what it believed to be a better offer from Staples.
