ORLANDO, Fla. — General Automotive, a North American provider of parts, accessories and advanced technology for the automotive industry, has hired The Future Group to assist the company in its plans for aggressive growth through acquisition.
The management of General Automotive said it has identified or entered into formal talks with several acquisition candidates, each with annual revenues of approximately $10 million to $50 million. The Future Group will provide General Automotive with due diligence services for acquisitions, and will assist the company by providing customer input and comments, market surveys and channel plans, preparation and testing for expanded market strategy and market share leadership price testing.
General Automotive CEO Joseph DeFrancisci commented, “The current severe economic and, in particular, automotive environment is providing us with unparalleled opportunities to acquire well-managed, niche-oriented companies with strong growth positions within the automotive industry.
“Since this was a primary focus of ours upon going public in early 2008, we are earnestly working to increase our previous fiscal year revenues of over $15 million to an approximate run rate of $100 million within the next twelve months,” DeFrancisci continued. “Furthermore, the existing market conditions are allowing us to do so at potentially remarkable valuation terms for all General Automotive shareholders.”
Sid Polan, president of The Future Group, said, “Utilizing our inherently broad knowledge of the automotive industry, along with our reputation for unearthing key facts, futuristic growth trends and the underlying value of a company’s sales figures, furthers our confidence in confirming smart growth and serious profitability potential for every General Automotive acquisition target.”
Polan concluded, “With the respect we have for their management team’s well known industry success, we are especially pleased to have come to agreement terms that also provide us with first consideration as General Automotive’s sales representatives of choice.”
