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Genuine Parts to sell Electrical Specialties Group to Audax Private Equity

Christian Fernsby |
Genuine Parts Company announced that it has entered into a definitive agreement to sell its wholly-owned subsidiary EIS, the Electrical Specialties Group of Motion Industries, to Audax Private Equity (Audax).

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GPC intends to use the net cash proceeds from the transaction in accordance with its disciplined capital allocation strategy.

The use of these funds may include potential investments for both organic and acquisitive growth, reinvestments in the business, share repurchases and the repayment of debt.

The transaction is expected to close by the end of September 2019, subject to the satisfaction of customary closing conditions.

EIS is a well-established and growing North American fabricator, converter and distributor of electrical process materials, wire, cable and assemblies serving end-user segments in electrical power and related markets.

It provides more than 110,000 SKUs from 38 branches and four fabrication facilities to more than 20,000 customers across North America.

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