KSI Auto Parts to Acquire Richmond Bumper
SOUTH PLAINFIELD, N.J.--(BUSINESS WIRE)--Nov 8, 2018--KSI Trading Corp. (“KSI”), an industry-leading distributor of quality replacement auto body parts servicing over 20,000 repair shop customers across 25 locations in 14 states, today announced that it has signed a definitive agreement to acquire Richmond Tidewater Bumper (“RTB”).
Based in Mechanicsville, VA, Richmond Tidewater Bumper has built a stellar reputation since its founding in 1980 by Norman Seay through servicing body shops with high-quality parts and superior customer service. KSI’s business will be greatly enhanced by RTB’s 200,000 square foot distribution facility, which provides unparalleled access to markets in coastal Virginia as well as in North Carolina. Additionally, the acquisition of RTB will provide KSI with an increased presence with multi-shop operators (MSOs) and insurance companies.
Christopher Patti, Chief Executive Officer of KSI, commented, “Today is an exciting day at KSI Auto Parts as we announce our first acquisition and realize an important step in our long-term growth strategy. The combination of these two long-tenured businesses expands our delivery fleet and gives KSI a NSF Certified Distribution Center. The acquisition of RTB furthers our mission of becoming the second largest distributor of automotive aftermarket collision parts in North America.
“KSI’s new management team looks forward to continuing our aggressive plan to expand the business, both organically and via acquisitions, to provide options for, and exceptional service to body shops and insurance companies within every market. We continue to see opportunities to increase our market share and accelerate our long-term growth through similar acquisitions.”
Earlier this year, KSI was acquired by Investcorp, a global provider and manager of alternative investment products with a history of investing in automotive and related markets. Steve Miller, Managing Director of Investcorp’s Private Equity group in North America, commented, “We are thrilled to see KSI executing on its growth plan by acquiring RTB, a high-quality company within the segment, and we look forward to seeing KSI continue to grow geographically and establish stronger relationships with insurance companies and MSOs.
Richmond Tidewater Bumper will operate under the Richmond Tidewater Bumper, a KSI Auto Parts Company, name for a limited period, at which time, it will transition to KSI Auto Parts. KSI is keeping all existing RTB locations and its customers will continue to be serviced primarily out of the Mechanicsville location. The acquisition brings KSI’s total headcount to approximately 700 employees.
About KSI Trading Corp.
Founded in 1984, KSI is an industry-leading distributor of quality replacement auto body parts servicing over 20,000 collision repair shop customers across 25 locations in 14 states. In addition to top quality products, KSI has succeeded in providing superior customer service, rapid order turnaround and competitive pricing over the last three decades. Headquartered in South Plainfield, New Jersey, KSI has over 600 employees across the U.S. For more information regarding KSI, visit www.ksiautoparts.com.
About Richmond Tidewater Bumper
Richmond Tidewater Bumper is an Aftermarket Automotive Crash-Parts wholesaler. RTB has been locally-owned and operated out of Mechanicsville, Virginia since its founding by Norman Seay in 1980. As a wholesaler, RTB provides high-quality, OEM-look-alike crash parts to body and paint shops at a lower cost than purchasing from the dealer, resulting in its customers receiving the best possible value for the best possible parts available on the market today. RTB carries over 23,000 different parts, most available for same- or next-day shipping. For more information about Richmond Tidewater Bumper, visit www.richmondbumper.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181108005617/en/
For KSI Trading Corp.
Phil Denning, 646-277-1258
KEYWORD: UNITED STATES NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET GENERAL AUTOMOTIVE
SOURCE: KSI Trading Corp.
Copyright Business Wire 2018.
PUB: 11/08/2018 10:45 AM/DISC: 11/08/2018 10:45 AM