Brookfield-based Precision Service & Parts Inc. has been acquired by Elk Grove Village, Illinois-based Chicago Parts & Sound.
PSP distributes automotive parts, and was one of the first authorized distributors of all three major American automakers’ aftermarket parts. PSP has five locations; three are in Illinois and two are in Wisconsin. The company was sold March 15 for an undisclosed price by Henry J. Kurz and his sons, Henry, Peter, Thomas and Joseph. Henry J. Kurz had purchased the business in 1982. Peter will continue on as vice president, general manager of the CPS Auto Parts division.
CPS also distributes automotive parts, and is an exclusive distributor and representative of Ford Motor Co.’s genuine and licensed accessories. It has about 150 employees working at eight locations; two are in Illinois, two in Ohio, and one each in Michigan, Kentucky, Pennsylvania and New York. It is owned by Robert and Jackie Lederer, who acquired the company in 2002. CPS has about $100 million in annual sales and about 1,000 clients in nine states.
Milwaukee-based investment bank Emory & Co. LLC advised PSP in the transaction.
“It’s a consolidating industry, auto parts distributorships, with big players out there,” said John Emory, Jr., president of Emory & Co. “PSP is a small player competing against much bigger, so this makes a lot of sense to sell to a bigger company.”
