SP Richards Company, Genuine Parts Company's Office Products Group, has signed a definitive agreement to acquire Impact Products (Impact) at an undisclosed sum.
Consummation of the transaction is expected on July 1, 2014, and is contingent upon satisfaction of customary closing conditions and receipt of applicable regulatory approvals.
Impact Products, headquartered in Toledo, Ohio, is a leading value-added provider of facility, janitorial and safety supplies serving North America. Its broad customer base is served from distribution centers in Toledo and Walnut, California. The Company expects the acquired business to generate approximately $85 million in annual revenues.
Tom Gallagher, Chairman and Chief Executive Officer of Genuine Parts Company, stated, "The addition of Impact Products better positions S.P. Richards for future growth. This new business serves to further diversify S.P. Richards' product offering and is complementary to our Garland C. Norris acquisition completed earlier in the year. We are pleased to welcome this fine organization to the S. P. Richards and GPC family. We look forward to the many contributions the Impact team will make in the years ahead."
