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Genuine Parts to sell electrical parts unit to Audax

Auto parts distributor Genuine Parts Co. on Aug. 16 said it agreed to sell its EIS Inc. subsidiary to Audax Private Equity Fund LP for an undisclosed amount.

EIS, or the Electrical Specialties Group of Motion Industries, is a converter, fabricator and distributor of electrical process materials, wiring, cable and assemblies. The North America-based subsidiary serves about 20,000 customers.

Genuine Parts said it will use the funds for potential investments, share repurchases, debt repayments and reinvestments.

The transaction is expected to close in September.

"We believe EIS is a quality organization with an experienced management team, loyal customer base, strong partnerships and a proven M&A platform that will complement our portfolio of industry leading companies," Audax Managing Director Don Bramley said in a statement on the deal.

J.P. Morgan acted as financial adviser. Troutman Sanders served as legal counsel to Genuine Parts, while Kirkland & Ellis served as legal counsel to Audax.