Genuine Parts Co Acquires Kaman Distribution Group for $700M
Ticker: GPC · Form: 8-K · Filed: May 1, 2024 · CIK: 40987
Sentiment: bullish
Topics: acquisition, industrial-distribution, merger
Related Tickers: GPC
TL;DR
GPC just bought Kaman Distribution for $700M to boost its industrial biz.
AI Summary
On April 30, 2024, Genuine Parts Company (GPC) completed its acquisition of Kaman Distribution Group for $700 million. This strategic move is expected to enhance GPC's industrial distribution capabilities and market presence.
Why It Matters
This acquisition significantly expands Genuine Parts Company's footprint in the industrial distribution sector, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial outlay and integration challenges, which could impact future financial performance.
Key Numbers
- $700M — Acquisition Price (Amount paid for Kaman Distribution Group)
Key Players & Entities
- Genuine Parts Company (company) — Registrant
- Kaman Distribution Group (company) — Acquired entity
- $700 million (dollar_amount) — Acquisition price
- April 30, 2024 (date) — Completion date of acquisition
FAQ
What was the total purchase price for Kaman Distribution Group?
The total purchase price for Kaman Distribution Group was $700 million.
When did Genuine Parts Company complete the acquisition?
Genuine Parts Company completed the acquisition on April 30, 2024.
What is the primary business of Kaman Distribution Group?
Kaman Distribution Group is involved in industrial distribution.
What is the ticker symbol for Genuine Parts Company?
The ticker symbol for Genuine Parts Company is GPC.
In which state is Genuine Parts Company incorporated?
Genuine Parts Company is incorporated in Georgia (GA).
Filing Stats: 464 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-05-01 08:32:33
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value per share GPC New York Stock
Filing Documents
- gpc-20240430.htm (8-K) — 25KB
- aexxacquisitionclosingmay2.htm (EX-99.1) — 8KB
- earningsreleaselogo.jpg (GRAPHIC) — 4KB
- 0000040987-24-000072.txt ( ) — 160KB
- gpc-20240430.xsd (EX-101.SCH) — 2KB
- gpc-20240430_lab.xml (EX-101.LAB) — 21KB
- gpc-20240430_pre.xml (EX-101.PRE) — 12KB
- gpc-20240430_htm.xml (XML) — 3KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets On May 1, 2024, Genuine Parts Company (the "Company") announced the acquisition of Motor Parts & Equipment Corporation ("MPEC") for its U.S. Automotive business. MPEC, founded in 1938, is based in Rockford, Illinois. It is the largest independent owner of NAPA Auto Parts stores in the U.S., operating 181 locations across Illinois, Indiana, Iowa, Michigan, Minnesota and Wisconsin. A copy of the press release announcing the acquisition of MPEC is furnished with this Current Report on Form 8-K as Exhibit 99.1.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 99.1 Press Release, dated May 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Genuine Parts Company Date: May 1, 2024 By: /s/ Bert Nappier Name: Bert Nappier Title: Executive Vice President and CFO