Replacement Parts Completes Delta Buys

HOUSTON--Replacement Parts Inc./Parts Warehouse Inc. has completed buying from Rankin Automotive Group Inc. several stores and a regional distribution center. The assets involved include 24 stores located in Mississippi and Louisiana and a distribution center in Monroe, La.

“We are excited about the opportunities this acquisition offers us,” said Fletcher Lord, CEO of Replacement Parts. “We have been an active player in most of these markets for as long as 50 years, and this transaction represents a natural geographic fit for both our 110-store group and our distribution company.”

Rankin continues to operate locations in Shreveport/Bossier, and Southeast Louisiana, which will be serviced out of the company’s Houston distribution center. The sale price of about $11.6 million is to be used for repayment of bank indebtedness and working capital.

With the completion of the transaction, Rankin will operate 41 stores in Texas and Louisiana, serviced by its distribution center in Houston, Texas. “The company is now focusing on its two-step distribution business. We expect our operating teams in Houston, Austin, San Antonio, and Shreveport/Bossier to improve upon their leading positions in those markets,” said CEO Randall B. Rankin.