KSI Trading Corp., a distributor of quality replacement auto body parts servicing more than 20,000 repair shop customers across 25 locations in 14 states, has signed a definitive agreement to acquire Richmond Tidewater Bumper (RTB).
Based in Mechanicsville, Virginia, Richmond Tidewater Bumper has built a stellar reputation since its founding in 1980 by Norman Seay through servicing body shops with high-quality parts and superior customer service. KSI said its business will be greatly enhanced by RTB’s 200,000-square-foot distribution facility, which provides unparalleled access to markets in coastal Virginia as well as in North Carolina. In addition, the acquisition of RTB will provide KSI with an increased presence with multi-shop operators (MSOs) and insurance companies.
Christopher Patti, CEO of KSI, said, “Today is an exciting day at KSI Auto Parts as we announce our first acquisition and realize an important step in our long-term growth strategy. The combination of these two long-tenured businesses expands our delivery fleet and gives KSI a NSF Certified Distribution Center. The acquisition of RTB furthers our mission of becoming the second-largest distributor of automotive aftermarket collision parts in North America.
“KSI’s new management team looks forward to continuing our aggressive plan to expand the business, both organically and via acquisitions, to provide options for, and exceptional service to body shops and insurance companies within every market,” added Patti. “We continue to see opportunities to increase our market share and accelerate our long-term growth through similar acquisitions.”
Earlier this year, KSI was acquired by Investcorp, a global provider and manager of alternative investment products with a history of investing in automotive and related markets. Steve Miller, managing director of Investcorp’s Private Equity group in North America, commented, “We are thrilled to see KSI executing on its growth plan by acquiring RTB, a high-quality company within the segment, and we look forward to seeing KSI continue to grow geographically and establish stronger relationships with insurance companies and MSOs.
Richmond Tidewater Bumper will operate under the name “Richmond Tidewater Bumper, a KSI Auto Parts Company,” for a limited period, and will later transition to KSI Auto Parts. KSI is keeping all existing RTB locations and its customers will continue to be serviced primarily out of the Mechanicsville location. The acquisition brings KSI’s total headcount to approximately 700 employees.
