February 14, 2003
Kelley Drye is representing Standard Motor Products in the acquisition of a major national auto parts manufacturer's engine management operations of its Automotive Aftermarket Group for approximately $120 million. In addition to the engine controls distribution center, the primary products of these operations include wire and cable, electronic control modules and fuel injectors.
The transaction is comprised of three parts: the acquisition, an amendment and restatement of Standard Motor Products revolving credit facility and a public offering of Standard Motor Products common stock, with Goldman Sachs & Co. and Morgan Stanley as underwriters for the public offering.
The deal, which was announced in February, is subject to acquisition financing, regulatory approval and other customary closing conditions.