US wholesaler S.P. Richards is to be acquired less than three years after it was privatised.

 

Leading US wholesaler S.P. Richards (SPR) has signed a definitive agreement to be acquired less than three years after it was taken private by Mike Maggio and Yancey Jones Sr.

 

Maggio and Jones led the acquisition of the US$1 billion wholesaler from Genuine Parts in July 2020, navigating the business through the COVID crisis.

 

In what first appears a surprise move, the acquirer is global paper, packaging, facilities supplies distribution giant Central National Gottesman (CNG). Based in Purchase (NY), CNG is a privately held US$9 billion group, with more than 3000 employees and offices in 29 countries

 

Once the transaction has closed – which is expected to be on 31 January 2023 – SPR will become a division of CNG. 

 

“We are committed to enhancing the valuable services SPR provides to the independent dealer network and its suppliers,” CNG SVP Bill Meany said.

 

Maggio and Jones will stay on in leadership advisory roles for a further 12 months.

 

“The acquisition by CNG allows SPR to continue our strategic growth plans through investments and an enhanced inventory position,” said Jones, who will become President of the SPR advisory board. “Mike and I have always believed that an independent wholesaler is critical to the success of our customers and supplier partners. CNG understands the importance of SPR remaining a traditional wholesaler.”

 

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