Troutman Sanders Counsels Genuine Parts Company in Sale of Electrical Specialties Group
ATLANTA – Troutman Sanders LLP advised Genuine Parts Company (NYSE: GPC) in its sale of EIS, Inc. (EIS), the Electrical Specialties Group of Motion Industries, to Audax Private Equity (Audax). The transaction is expected to close by the end of September 2019. Detailed information on the deal can be found here.
Genuine Parts Company is a distributor of automotive replacement parts, industrial replacement parts and electrical specialty materials. EIS is a North American fabricator, converter and distributor of electrical process materials, wire, cable and assemblies serving end-user segments in electrical power and related markets. It provides more than 110,000 SKUs from 38 branches and four fabrication facilities to more than 20,000 customers across North America.
"The sale of EIS represents the further streamlining of our operations and another step forward in our strategy to optimize our portfolio and strengthen our focus on sustainable, value-driving initiatives,” said Paul Donahue, Chairman and Chief Executive Officer of GPC, in a company press release. “Consistent with our ongoing acquisition strategy, we continue to execute on our capital allocation priorities to prudently expand our global footprint and capitalize on the growth prospects for our core businesses, while maintaining a strong balance sheet."
The Troutman Sanders team advising Genuine Parts Company in the transaction included Andrea Farley, Kevin Coleman and Ali Elkhalil (corporate); Robert Friedman (tax); Jeff Banish (benefits); Mike Hobbs and Jim Schutz (intellectual property); John Buehner (real estate); Hazen Dempster (finance); and Mitch Portnoy (antitrust).
Consistently recognized as a top-tier corporate practice, Troutman Sanders regularly advises on multimillion- and multibillion-dollar transactions. In the past three years alone, the firm’s corporate practice has handled more than $50 billion in capital market deals and more than $25 billion in M&A and private equity deals.
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