ATLANTA, April 13, 2022 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today an acquisition for its European Automotive business. Effective April 12, 2022, Alliance Automotive Group (AAG), the Company's wholly-owned automotive distribution company based in London, U.K., acquired Lausan Group (Lausan).
Lausan, founded in 1953 and based in Bilbao, Spain, is a leading distributor of automotive aftermarket parts in Spain and Portugal, which represent the 5th largest car parc in Europe. Lausan serves its customers from an established network, including one national distribution center, nine regional hubs and 37 stores. The Company expects Lausan to generate annual revenue of approximately €115 million ($125 million USD).
"We are pleased to expand our European automotive footprint with the addition of Lausan," said Paul Donahue, Chairman and Chief Executive Officer of GPC. "With our entry into Spain and Portugal, we expect to further strengthen Lausan's market-leading position by capitalizing on our European scale and purchasing expertise, as well as leveraging the roll-out of our NAPA brand across this region. We welcome the Lausan team to the GPC and AAG family and are excited to work together to maximize the growth opportunities in our European business."
With the addition of Lausan, AAG operates in nine European countries: France, the UK, Ireland, Germany, the Netherlands, Belgium, Poland, Spain and Portugal.
Forward Looking Statements
This press release contains "forward-looking statements" that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in the future tense and all statements accompanied by words such as "expected," "opportunities," "look forward," or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding the acquisition of Lausan by GPC's subsidiary, AAG, including those relating to the revenues expected to be generated by Lausan and AAG's ability to further strengthen Lausan's market position. Forward-looking statements are based on information currently available to GPC and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties, and important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. With respect to the proposed acquisition, these risks, uncertainties and factors include, but are not limited to: the risk that Lausan will not be integrated successfully; the risk that the cost savings, synergies and growth from the acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on transaction-related issues; and the risk that costs associated with the integration of the business are higher than anticipated.
Additional information regarding other risks and uncertainties that may impact GPC and its operations are also contained in GPC's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission.
Many of these risks, uncertainties and assumptions are beyond GPC's ability to control or predict. Because of these risks, uncertainties and assumptions, actual results may vary materially, and you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the information currently available to the parties on the date they are made, and GPC does not undertake any obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of such communication, except as required by law.
Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update any forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.
About Genuine Parts Company
Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The Company's Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal. The Company's Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the Company serves its global customers from an extensive network of more than 10,000 locations in 17 countries and has approximately 52,000 employees. Further information is available at www.genpt.com.
About Alliance Automotive Group
Alliance Automotive Group is a leading distributor of light and commercial vehicle parts to the independent aftermarket in France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal. AAG does business under the Groupauto France, Precisium Group and Pièces Auto in France, Groupauto UK and UAN in the UK, Groupauto Ireland in Ireland, Alliance Automotive Group Germany in Germany, Groupauto Poland in Poland, Partspoint, Precisium and Winparts in the Netherlands and Belgium and Lausan and Soulima in Spain and Portugal. AAG serves approximately 50,000 garages with over 100,000 different parts for repair and maintenance from a network of more than 700 company-owned stores and more than 1,700 affiliated outlets. Further information is available at www.allianceautomotivegroup.eu.
Source: Genuine Parts Company
SOURCE Genuine Parts Company