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Genuine Parts completes sale of S.P. Richards' Canadian unit

Atlanta-based automotive parts retailer Genuine Parts Co. said Jan. 7 that it completed the sale of S.P. Richards Co.'s Canadian operations to Novexco Inc., effective Jan. 1.

S.P. Richards is a wholly owned subsidiary of Genuine Parts.

The company intends to use the cash proceeds from the sale in line with its disciplined capital allocation strategy. The move will also help the company optimize its portfolio, Genuine Parts Chairman and CEO Paul Donahue said.

S.P. Richards Canada distributes office supplies and technology across the whole country from sites in Vancouver, Toronto, Calgary and Edmonton. The business generated annual revenue of $50 million in 2019.