R&B to Acquire Auto Brake Parts Supplier
16 October 1998
R&B to Acquire Auto Brake Parts SupplierCOLMAR, Pa., Oct. 16 -- R&B, Inc. announced today that it has signed a definitive agreement to acquire Allparts, Inc. ("Allparts"), a wholly owned subsidiary of JPE, Inc. for approximately $10 million in cash. Headquartered in Louisiana, Missouri, Allparts is a leading supplier of automotive hydraulic brake parts to the automotive aftermarket. Allparts has annual net sales of approximately $19 million. The transaction is expected to close on October 28, 1998, and is expected to be non-dilutive. Richard Berman, president of R&B, stated, "We are very excited about expanding our product line to include hydraulic brake parts, a category with historically strong growth among both the "do-it-yourself" and professional installer customer base." Mr. Berman, went on to say, "This strategic acquisition is consistent with our stated goal to find smaller companies with excellent product lines and limited distribution that we can then leverage into our extensive customer base." R&B, Inc. is a leading supplier of "hard-to-find" parts and fasteners for the automotive aftermarket. R&B's parts are marketed under more than fifty proprietary brand names, through its Motormite and Dorman divisions, as well as under the private labels of automobile manufacturers, parts manufacturers, and national warehouse distributors. Forward looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward looking statements which speak only as of the date hereof. Factors that cause actual results to differ materially include, but are not limited to, those factors discussed in the Company's Annual Report on Form 10-K under "Business - Investment Considerations."