Marubeni Acquires Aftermarket Distributor Prime Automotive Warehouse
NEW YORK & MEMPHIS, Tenn. (Business Wire EON) October 26, 2007 --
Marubeni America Corporation, www.marubeni-usa.com,
along with Marubeni Corporation of
Japan and Marubeni
Automotive (collectively "Marubeni"), have acquired the Olive
Branch, Mississippi based Prime
Automotive Warehouse (“Prime”)
for an undisclosed amount. Prime, www.primeautomotive.com,
established in 1982, is an industry leader in the distribution of
aftermarket auto parts, chemicals, and tools to its large reseller
customer base. Prime mainly markets its products through a monthly
catalog.
Marubeni recognized several growing trends in the US aftermarket,
including the steady demand for parts and chemicals that keep older
vehicles running. According to the Automotive Aftermarket Industry
Association (AAIA), the automotive aftermarket market has grown from
$138 billion in 1997 to over $204 billion in 2006.
The market for automotive aftermarket parts is competitive and highly
fragmented. The transaction will allow Prime to combine its sourcing and
mail order expertise with Marubeni’s domestic
and international networks. As part of its growth strategy, Prime will
consider acquisitions in its current industry as well as new markets
that will allow it to further expand its product line.
Steve Friedman will continue as President of Prime and there will be no
changes to operating management. Prime will be managed within Marubeni
America Corporation's Transportation. Industrial Machinery, and IT
business unit. This unit also manages Marubeni’s
auto leasing operation, Advantage Funding, and dealership network,
Drivepoint.
About Marubeni
Marubeni Corporation was established in 1858, and is a core company of
Marubeni Group, one of Japan's leading general trading houses.
Operations encompass domestic import, export and offshore trade.
Activities range from the development of natural resources to the
retailed marketing of finished products. The Marubeni Group focuses on
creating "value chain" from upstream to downstream, encompassing a wide
variety of business fields, including oil & gas, automotive, metals,
mineral resources, foods, pulp & paper and chemicals, among others.
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