Business
Dorman Products, Inc. Completes Acquisition of Dayton Parts and Provides Updated 2021 Guidance
COLMAR, Pa., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the automotive
About this update from Dorman Products, Inc.
[{"type":"text","content":"COLMAR, Pa., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the automotive aftermarket industry, today announced that it completed the acquisition of Dayton Parts (“Dayton”) for a total cash consideration of approximately $338 million, subject to customary purchase price adjustments. The transaction was financed with $100 million from cash on hand, with the balance financed from borrowings under the Company’s new revolving credit facility. Simultaneous with the closing of the transaction, Dorman entered into a new $600 million 5-year revolving credit facility, which replaces its existing $100 million revolving credit facility. The strong cash flow generation of the combined companies, together with the new revolving credit facility, are expected to provide Dorman with greater flexibility to execute on its strategic priorities. As a result of closing this transaction, Dorman is updating its 2021 guidance to reflect the addition of Dorman’s expectations for Dayton for the remainder of 2021 to Dorman’s previously issued guidance. The updated guidance does not include the impact from potential future acquisitions or related financings or potential impacts from any possible further government-mandated shutdowns, as well as any potential impact from supply chain disruptions caused by the ongoing COVID-19 pandemic. 2021 Guidance: Updated GuidancePrevious GuidanceNet Sales $1,263 - $1,300 million$1,191 - $1,224 millionGrowth vs 2020 16% - 19%9% - 12%Adjusted Diluted EPS* $4.56 - $4.80$4.40 - $4.60 An investor presentation that was previously issued in connection with the announcement of the acquisition containing additional information regarding the transaction remains accessible on Dorman’s website at DormanProducts.com under \"Investor Relations.\" About Dorman Products Dorman gives repair professionals and vehicle owners greater freedom to fix cars and trucks by focusing on solutions first. For over 100 years, we have been one of the automotive aftermarket industry’s pioneering problem solvers, releasing tens of thousands of replacement products engineered to save time and money and increase convenience and reliability. Founded and headquartered in the United States, we are a global organization offering an always-evolving catalog of parts, covering both light-...