Posted June 30, 2020

Genuine Parts Company sells S.P. Richards

Genuine Parts Company has completed the sale of its S.P. Richards operations through two separate transactions.

Its core U.S. operations were sold to an investor group led by industry professionals, and its Supply Source Enterprises business, comprised of The Safety Zone and Impact Products operations, was acquired by an affiliate of H.I.G. Capital. 

S.P. Richards Co. is a national business products wholesaler that distributes more than 98,000 products to 9,000 resellers and distributors throughout the United States from a network of 44 locations. Its core U.S. operations offer products and services in four primary product categories, including general office products, technology products and accessories, office furniture and JanSan and safety supplies, to national and independent business products resellers and janitorial supply distributors. The Safety Zone and Impact Products operations specialize in providing personal protective equipment and janitorial, safety, hygiene and sanitation products to a diversified customer base, including janitorial and sanitation supply distributors, safety products resellers, foodservice and food processing distributors and retailers.

"The sale of S.P. Richards represents the further streamlining of our operations and a significant step forward in our long-term strategy to optimize our portfolio," said Paul Donahue, chairman and chief executive officer of GPC. "With this divestiture, we will continue to opportunistically expand our global footprint and strengthen our focus on sustainable, value-driving initiatives associated with our faster growing and higher margin automotive and industrial businesses."

Steve Schultz, CEO and president of SSE, commented, “We are excited to enter into this new chapter with H.I.G. Capital. We have been fortunate over the last few years with the support of Genuine Parts Company to execute on our strategic plan. We are excited about SSE’s growth prospects and believe our customers and employees will benefit immensely from H.I.G.’s support as we embark on our next growth phase.”