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Dorman Products Inc (NASDAQ: DORM) has agreed to acquire automotive parts manufacturer Dayton Parts LLC for $338 million.
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The transaction is expected to close in the second half of 2021.
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With Dayton generating $168 million in net sales for the twelve months ended December 2020, Dorman expects Dayton’s acquisition will be immediately accretive to adjusted diluted earnings per share.
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The acquisition would expand Dorman’s heavy-duty manufacturing and distribution platform.
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“Through the combined company, we will be able to offer our increasingly diverse customer base a more expansive product offering with improved distribution efficiency,” said Kevin Olsen, Chief Executive Officer, Dorman.
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Dorman will enter into a new $600 million revolving credit facility in connection with the transaction.
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Dorman’s cash and equivalents totaled $166.6 million as of March 31, 2021.
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Price action: DORM shares closed higher by 1.3% at $100.2 on Friday.
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