Firm Leads Management Buyout of Global Parts Distributors
AUSTIN, January 4, 2010 – Owner Resource Group announced today that they have partnered with management to acquire Global Parts Distributors (“GPD” or the “Company”) from its former parent, Fred Jones Enterprises, LLC. The transaction closed December 31, 2009. Terms of the transaction were not disclosed.
Jonathan Gormin, a Partner at Owner Resource Group, commented, “The GPD management team has built a leading company in the air conditioning automotive aftermarket, providing outstanding customer service and excellent products to their customers. We look forward to working closely with the management of GPD to capitalize on their success and support GPD’s continued growth.”
Founded in 1974 as an automotive air conditioning (“AC”) installation and repair shop, GPD developed into a regional distributor of automotive aftermarket AC parts and radiators. The Company has expanded nationally and currently distributes aftermarket automotive components primarily for AC and radiator units to discount parts warehouses, retail chains, mass-market retailers, independent garages and repair shops. The management team of GPD has more than 100 years of experience in the AC automotive aftermarket, and the Company provides outstanding service and products to its customers domestically and internationally. GPD is headquartered in Macon, GA, and has additional locations in Atlanta, Fresno, Louisville, Oklahoma City and Orlando. To learn more about the Company, please visit www.globalpartsdist.com.
Gormin added, “We believe GPD has a strong value proposition and we look forward to supporting its expansion through internal growth, as well as acquisitions, to further bolster GPD’s leadership in the temperature control segment of the automotive aftermarket.”
GPD President Davey Montford and his team will continue in their current roles and are eager to work with Owner Resource Group. Montford commented, “We look forward to working closely with our new partner to continue and accelerate the successful growth of GPD. With their experience, capital and assistance, we expect to expand and grow GPD significantly while maintaining high standards of product quality and customer service.”
Owner Resource Group, LLC
Owner Resource Group is a private equity and financial services company that specializes in supporting small to mid-sized businesses. ORG invests directly in companies, partnering with business owners to support its investments with resources and capital to grow, taking a value-added, collaborative approach in assisting businesses in reaching their full potential. ORG’s philosophy is to support companies with solid long-term growth prospects, and to provide those companies guidance and resources to which they would otherwise not have access.
Owner Resource Group also has a network of qualified and trusted professional financial institutions – lenders, business brokers, investment banks and other private equity groups – that have varying investment parameters and can often provide capital to companies that do not fit ORG’s direct private equity activities. Owner Resource Group is located in Austin, Texas. For additional information, please visit www.orgroup.com.