Fisher Auto Parts, a founding member of Federated Auto Parts Distributors, has acquired a controlling interest in KOI Auto Parts, effective April 1, 2014.
There should be minimal visible changes to customers, suppliers and team members, according to KOI Auto Parts President Dave Wesselman. “By obtaining outside investment and partnering up with great people, we plan to take customer service to another level.”
KOI began in 1946 and has 72 locations with revenue of $200M heavily concentrated in Kentucky, Ohio and Indiana. KOI’s high-volume stores obtain a significant percentage of market share due to its presence in all market types including aftermarket, OE, import, PBE and specialty divisions, according to the company.
“Our management team remains in place and all 1,000-plus team members have retained their positions. It was very important to KOI’s board of directors that all of our employees retain their jobs and have the advancement opportunities this merger provides,” says Wesselman.
“It is business as Usual at KOI. Our efforts will continue to support the KOI/Federated brand as we look forward and continue to grow our company to be the leading auto parts supplier in our markets with the enhanced financial strengths this merger brings.”
Fisher Auto Parts now has 470 locations plus over 100 independent jobbers in 18 states. CEO Bo Fisher says, “For decades, we’ve considered Dave Wesselman and his team as close allies, friends and Federated members. They have some of the most talented people in the aftermarket as demonstrated by their impressive results.”
KOA will continue to operate under Wesselman’s leadership as a subsidiary division, according to Fisher.
Fisher Auto Parts has more than quadrupled in size over the last decade through a combination of same store sales, mergers and acquisitions. Founded in 1929 by Blair Coiner, Bo’s grandfather, the company has approximately 5,100 employees.
The company says its plan of adding over $225M in revenues during the first half of 2014 is not expected to hinder future acquisitions. Other potential growth opportunities are projected as it executes its five-year plan.