Atlanta’s Genuine Parts Co. today announced its U.S. Automotive Parts Group has entered into a definitive agreement to acquire Hastings Auto Parts Inc. in Detroit. The effective close date is Oct. 1. Details of the transaction were not disclosed.
“Hastings represents a strategic tuck-in acquisition for our U.S. automotive business and serves to expand our automotive store footprint and competitiveness in the greater Detroit marketplace,” says Paul Donahue, president and CEO of Genuine Parts Co.
“We are pleased to welcome the Hastings team to the U.S. Automotive Parts and GPC family and look forward to working with them to expand our market share in the Detroit trading area.”
The addition of Hastings will add four stores to Genuine Parts Co.’s distribution footprint, and Hastings is expected to generate about $10 million in revenue per year. Hastings was founded in 1981.
In related news, Genuine Parts Co.’s Industrial Group, Motion Industries announced today it has acquired Hydraulic Supply Co. in Florida, with an effective close date of Oct. 1. HSC was founded in 1947 and is a full-service fluid power distributer. It operates from 30 locations primarily in the southeastern U.S. The company expects HSC will generate estimated annual revenues of $85 million.