Genuine Parts sells S.P. Richards
| 03 July, 2020
Genuine Parts Company has completed the sale of its S.P. Richards operations through two separate transactions.
Genuine Parts sold S.P. Richards' core U.S. operations to an Investor Group led by industry professionals and has sold S.P. Richards' Supply Source Enterprises business, comprised of The Safety Zone and Impact Products operations, to an affiliate of H.I.G. Capital.
S.P. Richards Co. is a leading national business products wholesaler that distributes more than 98,000 products to 9,000 resellers and distributors throughout the United States from a network of 44 locations.
Paul Donahue, Chairman and Chief Executive Officer of GPC, stated, "The sale of S.P. Richards represents the further streamlining of our operations and a significant step forward in our long-term strategy to optimize our portfolio. With this divestiture, we will continue to opportunistically expand our global footprint and strengthen our focus on sustainable, value-driving initiatives associated with our faster growing and higher margin automotive and industrial businesses."