U.S. Auto Parts Completes Acquisition of the Whitney Automotive Group, One of the Nation's Largest, Most Trusted Online Auto Parts Retailers
Poster: SySAdmin
Posted on August 17, 2010 at 3:14:01 PM
U.S. Auto Parts Completes Acquisition of the Whitney Automotive Group, One of the Nation's Largest, Most Trusted Online Auto Parts Retailers
CARSON, Calif., Aug. 17 -- U.S. Auto Parts (NASDAQ: PRTS), one of the largest online providers of automotive aftermarket parts and accessories, today announced that it has completed the acquisition of the Whitney Automotive Group for the purchase price of $27.5 million and assumption of approximately $11 million in trade-related and other payables. Whitney Automotive Group is expected to have $110 - $120 million in revenues under U.S. Auto Parts ownership in 2011. Silicon Valley Bank has provided the Company with acquisition financing totaling $35 million.
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including body parts, engine parts, performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites are located at http://www.autopartswarehouse.com, http://www.partstrain.com and http://www.automd.com and the Company's corporate website is located at http://www.usautoparts.net.
Investor Contacts:
Ted Sanders, Chief Financial Officer
U.S. Auto Parts Network, Inc.
tsanders@usautoparts.com
(310) 735-0085
Budd Zuckerman, President
Genesis Select Corporation
bzuckerman@genesisselect.com
(303) 415-0200
Source: US Auto Parts Network, Inc.
CONTACT: Ted Sanders, Chief Financial Officer of U.S. Auto Parts
Network, Inc., +1-310-735-0085, tsanders@usautoparts.com; or Budd Zuckerman,
President of Genesis Select Corporation, +1-303-415-0200,
bzuckerman@genesisselect.com
Web Site: http://www.usautoparts.net/
CARSON, Calif., Aug. 17 -- U.S. Auto Parts (NASDAQ: PRTS), one of the largest online providers of automotive aftermarket parts and accessories, today announced that it has completed the acquisition of the Whitney Automotive Group for the purchase price of $27.5 million and assumption of approximately $11 million in trade-related and other payables. Whitney Automotive Group is expected to have $110 - $120 million in revenues under U.S. Auto Parts ownership in 2011. Silicon Valley Bank has provided the Company with acquisition financing totaling $35 million.
About U.S. Auto Parts Network, Inc.
Established in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket parts, including body parts, engine parts, performance parts and accessories. Through the Company's network of websites, U.S. Auto Parts provides individual consumers with a broad selection of competitively priced products that are mapped by a proprietary product database to product applications based on vehicle makes, models and years. U.S. Auto Parts' flagship websites are located at http://www.autopartswarehouse.com, http://www.partstrain.com and http://www.automd.com and the Company's corporate website is located at http://www.usautoparts.net.
Investor Contacts:
Ted Sanders, Chief Financial Officer
U.S. Auto Parts Network, Inc.
tsanders@usautoparts.com
(310) 735-0085
Budd Zuckerman, President
Genesis Select Corporation
bzuckerman@genesisselect.com
(303) 415-0200
Source: US Auto Parts Network, Inc.
CONTACT: Ted Sanders, Chief Financial Officer of U.S. Auto Parts
Network, Inc., +1-310-735-0085, tsanders@usautoparts.com; or Budd Zuckerman,
President of Genesis Select Corporation, +1-303-415-0200,
bzuckerman@genesisselect.com
Web Site: http://www.usautoparts.net/