Genuine Parts to Buy Europe’s Alliance Automotive Group

U.S. aftermarket car parts seller Genuine Parts Co. has agreed to acquire London-based Alliance Automotive Group for about $2 billion (€1.7 billion), Bloomberg News reports.

Atlanta-based Genuine Parts distributes NAPA-brand replacement parts in the U.S., Canada, Australia and New Zealand. Bloomberg describes Alliance as Europe’s second-largest aftermarket parts distributor, with 1,800 company-owned and affiliated stores in France, Germany and the U.K.

The deal is expected to be finalized by the end of this year. JPMorgan Chase & Co. is providing financial guidance to Genuine Parts. Lazard Ltd. and UBS Group AG are doing the same for Alliance.

Last year Genuine generated $15.3 billion in revenue, Bloomberg notes. Alliance, which is owned by its founders and equity funds led by Blackstone Group, expects revenue this year of about $1.7 billion.