Matrix Announces the Successful Sale of Connecticut Warehouse Distributors, Inc. and its Subsidiaries
RICHMOND, VA – March 2, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the sale of Connecticut Warehouse Distributors, Inc. and its subsidiaries (the “Company” or “CWD”) to Elliott Auto Supply Co., Inc. d/b/a Factory Motor Parts. The transaction closed on February 26.
Headquartered in Branford, CT, CWD was established by John Pluck, Jr. in 1996 with a vision to grow into the leading automotive aftermarket parts distributor throughout New England. Over the next three decades, as day-to-day operations transitioned to Mr. Pluck’s four sons, the Company established itself through its focused two-step distribution model, broad product portfolio, and ability to service both heavy-duty and light-duty markets. Today, the Company operates over 400,000 square feet of warehouse space across four distribution facilities and offers same or next day delivery service throughout New England. Additionally, CWD has established itself as the largest distributor of Motorcraft and AC Delco aftermarket products in the region, a Cole Hersee Master Distributor, and the sole distributor for Truck-lite in the United States.
Patrick Pluck, Vice President of CWD commented, “This is an excellent result for our valued employees and customers. Factory Motor Parts has established itself as one of the premier national distributors of premium original equipment and name brand automotive parts. Their commitment to their customers is unmatched. We are thrilled to join the Factory Motor Parts family.”
Todd Heldt, Executive Vice President of Factory Motor Parts added, “We at FMP are delighted to welcome CWD to the FMP family. We share so many of the same values and look forward to meeting and exceeding the unique needs of each of our new customers.”
Matrix served as exclusive financial advisor to CWD, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was led by David Shoulders, Managing Director and William O’Flaherty, Vice President. Robbie Nickle, Senior Analyst and Martin McElroy, Analyst also advised on the transaction.
Regarding Matrix’s services, Patrick Pluck noted, “Our family has owned and operated CWD for over three decades, and in that time, one of the best decisions we made was to hire Matrix to represent us in the sale of our business. We were extremely impressed by the level of attention and commitment we received throughout the transaction process, and would highly recommend the Matrix Consumer and Industrial Products Team.”