AutoZone, Inc., announced it has entered into a definitive agreement to purchase Interamerican Motor Corporation (IMC). Founded in 1962, IMC, which currently operates 17 locations, is the second-largest distributor of OE quality import replacement parts in the United States. The company has been committed to offering an extensive parts line for all European and Asian cars. Original equipment brands are at the core of the IMC parts program.
"We are excited about the IMC team joining AutoZone. The company's leadership in import car parts coverage will be an exceptional fit with AutoZone's current product assortment," said Bill Rhodes, chairman, president and CEO. "As we expand the IMC brand across the United States, we believe the IMC business model will mutually benefit both our retail and commercial customers. The combined offering is expected to deliver value for our customers and stockholders."
"AutoZone and IMC are a great fit," said John Mosunic, IMC's CEO. "This is a logical next step for both companies. AutoZone's national footprint, exceptional culture built on customer service, and operational expertise combined with IMC's leadership in selling to the import segment creates a powerful future growth platform." Wells Fargo Securities served as the exclusive financial advisor to IMC in connection with the transaction.
IMC was acquired from Wulf Gaertner Autoparts AG (WGA), Germany, a producer of high quality replacement parts for the automotive aftermarket. WGA supplies product under the MEYLE and MEYLE HD brands for European and Asian vehicles. The sale of IMC was a strategic step for WGA to strengthen the focus on the production of high quality automotive replacement parts. "With AutoZone we found an excellent new owner for IMC. This will include an enlarged distribution network for MEYLE and MEYLE HD in the U.S. market," said Dr. Karl J. Gaertner, WGA's CEO.