Genuine Parts Company Announces Automotive Acquisition in Europe, Expanding Presence into Key New Markets in Spain and Portugal – PR Newswire
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 …….