Automotive and truck parts distributor Parts Authority has entered into a definitive agreement to purchase Interamerican Motor Corporation (IMC) from AutoZone. The transaction is expected to close in the coming weeks.
IMC operates 26 locations across nine states and is the second-largest distributor of OE quality import replacement parts in the United States. For more than 50 years IMC has been committed to offering its customers a robust parts catalog sourced from hundreds of foreign-focused suppliers, including OE brands.
“We are excited to add IMC to the Parts Authority platform. This acquisition is an expansion of our product offerings, customer touch points and geographies. The company’s leadership in European replacement parts is a logical fit with Parts Authority’s current catalog,” said Randy Buller president and CEO of Parts Authority. “We believe the expanded inventory depth of the combined organization will significantly benefit both IMC’s existing customer base as well as Parts Authority’s customers. In addition, the IMC footprint expands Parts Authority into key new geographies of Florida, Texas, Northern California and the Pacific Northwest. As with any acquisition, we are most excited about bringing on great people. IMC’s management team and team members will add tremendous value to our organization and we are excited to welcome them into the Parts Authority family.”
“Parts Authority’s culture of customer service, operational excellence and integrity combined with IMC’s leadership in selling to the import segment creates an exciting growth platform,” said Kelly Mundt, vice president of corporate strategy of IMC. “This is a fantastic home for our team members.”
“While we believe IMC is a valuable asset and a leader in European- and Asian-branded replacement parts, the sale of IMC will allow AutoZone to focus on our core business,” said Bill Rhodes, AutoZone chairman, president and CEO. “We believe IMC will be better-suited to a different ownership structure where they will get the time, attention and investments necessary to optimize their business model.”
Jefferies LLC acted as sole financial adviser to AutoZone in the proposed sale of IMC.