U.S.
Auto Parts Completes Acquisition of the Whitney Automotive Group, One of the
Nation's Largest, Most Trusted Online Auto Parts Retailers
CARSON,
Calif., Aug 17/-- U.S. Auto Parts (Nasdaq: PRTS), one of the largest online
providers of automotive aftermarket parts and accessories, today announced that
it has completed the acquisition of the Whitney Automotive Group for the
purchase price of $27.5 million and assumption of approximately $11mm in
trade-related and other payables. Whitney Automotive Group is expected to have
$110 - $120 million in revenues under U.S. Auto Parts ownership in 2011. Silicon
Valley Bank has provided the Company with acquisition financing totaling $35
million.
About
U.S. Auto Parts Network, Inc.
Established
in 1995, U.S. Auto Parts is a leading online provider of automotive aftermarket
parts, including body parts, engine parts, performance parts and accessories.
Through the Company's network of websites, U.S. Auto Parts provides individual
consumers with a broad selection of competitively priced products that are
mapped by a proprietary product database to product applications based on
vehicle makes, models and years. U.S. Auto Parts' flagship websites are located
at www.autopartswarehouse.com, www.partstrain.com and
www.automd.com
and the Company's corporate website is located at www.usautoparts.net.
Investor
Contacts:
Ted
Sanders, Chief Financial Officer
U.S. Auto
Parts Network, Inc.
tsanders@usautoparts.com
(310)
735-0085
Budd
Zuckerman, President
Genesis
Select Corporation
bzuckerman@genesisselect.com
(303)
415-0200
Source: U.S.
Auto Parts Network, Inc. (Nasdaq: PRTS)
