Kelley Drye Closes Acquisition of Engine Management Group for Standard Motor Products
July 21, 2003
Kelley Drye represented Standard Motor Products in the acquisition of a major national auto parts manufacturer's engine management operations of its Automotive Aftermarket Group for $121 million, subject to a post-closing adjustment. In addition to the engine controls distribution center, the primary products of these operations include wire and cable, electronic control modules and fuel injectors, which are sold to customers including NAPA, CSK Auto and Pep Boys.

The transaction was comprised of the acquisition; an amendment and restatement of Standard Motor Products revolving credit facility to, among other things, increase the total availability under such facility to $305 million; and an approximately $60 million public offering of Standard Motor Products common stock, with Goldman, Sachs & Co. and Morgan Stanley acting as underwriters for the public offering.