Parts Authority, one of the largest distributors of automotive and truck parts to the aftermarket auto parts industry throughout the United States, has entered into a definitive agreement to purchase FAST Undercar Inc. and FAST Undercar Franchise Corp.
FAST operates 32 locations throughout California and the Pacific Northwest, of which 27 are franchise-owned locations and five are corporate-owned locations. For more than 20 years FAST has been committed to offering its customers unmatched availability to the products they demand with unparalleled service at competitive prices, says the company. The transaction is expected to close in the coming weeks.
“We are excited to add FAST to the Parts Authority platform. This acquisition is an expansion of our customer touch points and geographies as we continue to build size and scale,” said Randy Buller, president and CEO of Parts Authority. “We believe in the model that FAST Undercar has built in collaborating with individual entrepreneurs to build successful businesses. In addition, the FAST footprint continues our expansion in California and the Pacific Northwest. Through this model, we will also look to expand into other geographies.”
“Parts Authority shares our vision and will help us achieve our goals of opening new locations, expand our geographies, bring larger inventories with more selections of branded products closer to our franchisees and ultimately to the professional installer in the shortest time frame,” said Victor Davis, FAST’s president and CEO. “I am particularly excited for all of our FAST team members and the opportunities this provides them under the new ownership.”
Schwartz Advisors served as the sell-side adviser to FAST Undercar.