"We see this as an intelligent combination of two well-regarded companies," stated Kevin Guy, vice president of sales and marketing at Parts Now!. "We expect the combined sales of Pieces Express and Parts Now! will allow us to become the industry’s largest supplier in Canada inside the next 18 months,” he predicted.
"The acquisition of Pieces Express leverages the strengths of both companies,” said Clifford Peterson, principal at Banc of America Capital Investors. "It strategically positions us to accelerate our growth and enhance our capabilities in the North American marketplace.” Parts Now! is primarily owned by Banc of America Capital Investors and Svoboda, Collins L.L.C.
"We are excited to join Parts Now!,” said Gilles Robichaud, president of Pieces Express. “Our customers will benefit from their impressive track record of 16 years of consecutive growth."
The two companies share little customer overlap, giving each the ability to capture additional business opportunities. In addition, Parts Now! gains strategic distribution facilities in Quebec, Vancouver and the Maritime Provinces.
Pieces Express will continue to operate under the trade name Pieces Express, Parts Now! ULC. In 2005, Pieces Express reported sales of $3.3 million in Canada.
