GENUINE PARTS COMPANY (GPC) ACQUIRES 35% OF INENCO GROUP
30 March 2017
On behalf of the Inenco Board and our shareholders – the Martin‐Weber Family – I am delighted to inform you of an important change to the ownership structure of our group.
Since founding CBC Pty Ltd in 1954, the Martin‐Weber family has provided ongoing management, investment and guidance to the Inenco Group. They have built a market leading group of companies with unparalleled positions in Australia and New Zealand, and a growing footprint in South East Asia. We have many great brands, fantastic employees and highly valued customers.
The next chapter for our Group is to invite a new Shareholder into the Boardroom – Genuine Parts Company (GPC) as we seek to secure and improve our leading position for decades to come.
GPC is a hugely successful corporation operating in the United States, Canada, Australasia and Mexico. GPC’s values and principles closely align to our own: they invest in people, are customer centric, and are long term investors. GPC will bring leading IT solutions, world class supply chain and procurement processes, and an appetite to invest in profitable growth across the markets that we serve. They will also assist us in developing our marketing & training programs.
GPC has operated the world’s number one industrial parts distribution business, Motion Industries since 1976, providing the Inenco Group with a partner who brings exceptional knowledge and know‐ how. GPC are also experienced Australia/New Zealand investors, having undertaken the highly successful purchase of the Exego Group of companies (now GPC Asia Pacific) in the 2012‐14 period. Under GPC’s ownership and support, the GPC Asia Pacific Australian and New Zealand businesses, that include Repco and Ashdown‐Ingram, have flourished, with an impressive recent track record.
The sale of 35% of the Inenco Group is the first step towards a future 100% divestment. The Martin‐ Weber Family is still the majority shareholder and remains on the Board. All employment contracts remain unchanged.
We will work closely with GPC and Motion Industries’, as well as GPC Asia Pacific’s experts to drive growth that is sustainable. We will seek synergies across our supply chain and we will prioritise an upgrade of our IT platforms where necessary.
Please join me in welcoming the GPC family into the Inenco world. Senior management will be conducting Road Shows in the coming weeks to give you a thorough understanding of this exciting partnership and how it will benefit the company, our customers and our employees.
Roger Jowett Inenco Group CEO
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada, Mexico and Australasia. The Company also distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes business products in the U.S. and Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico. Genuine Parts Company had 2016 revenues of $15.3 billion ($USD). GPC
About Motion Industries
With annual sales of $4.6 billion ($USD), Motion Industries is a leading industrial parts distributor of bearings, mechanical power transmission, electrical and industrial automation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial products, safety products, and material handling. Motion Industries has over 550 operations including 15 distribution centres throughout North America and serves more than 150,000 customers from the food and beverage, pulp and paper, iron and steel, chemical, mining and aggregate, petrochemical, automotive, wood and lumber, and pharmaceutical industries.
About GPC Asia Pacific
GPC Asia Pacific is Australasia’s preferred and trusted supplier of aftermarket vehicle parts, solutions and accessories with annual sales of $1.45 billion ($AUD). GPC Asia Pacific’s largest businesses include Repco who operate over 450 stores