Genuine Parts Company (GPC), a distributor of automotive replacement parts, has acquired a 35 percent stake in Inenco Group, a distributor in the Australasia market. The investment is worth approximately $70 million and will come into effect on April 3, 2017.

GPC will have the opportunity to acquire the remaining 65 percent stake in Inenco at a later date, subject to certain conditions being satisfied.

Inenco Group, founded in 1954 and headquartered in Sydney, Australia, is an Australasia industrial distributor of key product categories such as bearings, power transmission and seals. It has 161 locations across Australia and New Zealand as well as an emerging presence in Asia and generates estimated annual revenues of approximately $325 million.