Benzinga | Mar 29, 2021 10:38AM EDT

CarParts.com To Acquire Precise Fuel Pumps To Accelerate Auto Parts Market Growth

* E-commerce auto parts company CarParts.Com Inc (NASDAQ: PRTS) inked an agreement to acquire the complete Precise Fuel Delivery Systems inventory from an automotive aftermarket supplier, Premium Guard, for cash. The financial terms of the transaction were not disclosed.

* CarParts.com and Precise will aid in the quicker get back of more drivers on the road.

* The transaction will fast-track CarParts.com's growth in the $300 billion auto parts market and materially expand its mechanical parts offerings.

* Premium Guard's current Precise fuel delivery system assets will be absorbed and added to CarParts.com's existing premium fuel pump brand.

* CarParts.Com held cash worth $35.8 million as of Jan. 2, 2021.

* Price action: PRTS shares traded lower by 1.50% at $13.12 on the last check Monday.