COLMAR, Pa., Aug. 10, 2021 (GLOBE NEWSWIRE) — Dorman Products, Inc. (NASDAQ:DORM), a leading supplier in the automotive aftermarket industry, today announced that it completed the acquisition of Dayton Parts for a total cash consideration of approximately $338 million, subject to customary purchase price adjustments. The transaction was financed with $100 million from cash on hand, with the balance financed from borrowings under the Company’s new revolving credit facility.
Simultaneous with the closing of the transaction, Dorman entered into a new $600 million 5-year revolving credit facility, which replaces its existing $100 million revolving credit facility. The strong cash flow generation of the combined companies, together with the new revolving credit facility, are expected to provide Dorman with greater flexibility to execute on its strategic priorities.
As a result of closing this transaction, Dorman is updating its 2021 guidance to reflect the addition of Dorman’s expectations for Dayton for the remainder of 2021 to Dorman’s previously issued guidance. The updated guidance does not include the impact from potential future acquisitions or related financings or potential impacts from any possible further government-mandated shutdowns, as well as any potential impact from supply chain disruptions caused by the ongoing COVID-19 pandemic.
An investor presentation that was previously issued in connection with the announcement of the acquisition containing additional information regarding the transaction remains accessible on Dorman’s website at DormanProducts.com under “Investor Relations.”
About Dorman Products
Dorman gives repair professionals and vehicle owners greater freedom to fix cars and trucks by focusing on solutions first. For over 100 years, we have been one of the automotive aftermarket industry’s pioneering problem solvers, releasing tens of thousands of replacement products engineered to save time and money and increase convenience and reliability.
Founded and headquartered in the United States, we are a global organization offering an always-evolving catalog of parts, covering both light-duty and heavy-duty vehicles, from chassis to body, from underhood to undercar, and from hardware to complex electronics. See our full offering and learn more at DormanProducts.com.
About Dayton Parts
Dayton employs highly skilled and industry expert men and women in all facets of manufacturing, sales and distribution. Its operations are located throughout the United States and Canada. Dayton’s manufacturing plants feature state-of-the-art, spring manufacturing equipment and can produce a vast number of leaf spring designs, including advanced technology high-stress, hard bend and advanced parabolic options such as trailing arms and Z-beams. Dayton is known in the aftermarket for its high-quality brake, spring, steering, suspension and other related product lines.
