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INITIAL PUBLIC OFFERING OF APS HOLDING CORPORATION AT $15.50 PER SHARE

 HOUSTON, Sept. 24 /PRNewswire/ -- APS Holding Corporation (NASDAQ-NMS: APSI) announced today that its registration statement with respect to its initial public offering of 6,875,000 shares of Class A Common Stock at $15.50 per share has been declared effective by the Securities and Exchange Commission. The Class A Common Stock has been approved for quotation through the Nasdaq National Market under the symbol APSI.
 All of the shares being offered will be sold by the company. CS First Boston, A.G. Edwards & Sons, Inc., and Wertheim Schroder & Company are managing the underwriting syndicate. The underwriters have been granted an option to purchase up to an additional 1,031,250 shares of Class A Common Stock from the company in order to cover over-allotment of shares, if any. This offering represents approximately 51 percent of the Class A Common Stock of the company. The net proceeds to the company from the offering are expected to be approximately $100 million and will be used to repay or redeem existing indebtedness.
 Mark Hoffman, president and chief executive officer of APS, said, "This infusion of equity and subsequent reduction in interest expense will provide additional resources to further strengthen our Big A(R) program and accelerate our expansion plans."
 The company is one of the country's largest automotive parts distributors, and is a nationwide distributor of a broad array of nationally recognized Big A(R) brand and manufacturers' branded automotive replacement parts, as well as tools, equipment, supplies and accessories. The company operates a network of 24 distribution centers that make available more than 160,000 stock keeping units ("SKUs") to over 1,325 Big A(R) affiliated auto parts stores and over 115 company- owned Big A(R) auto parts stores. The company's Big A(R) Program is one of the nation's largest automotive parts distribution programs. Through this program, the company provides its associated jobbers and company- owned stores with brand name recognition, pricing economies through increased purchasing power and a comprehensive package of services, including assistance in marketing, cataloging, accounting, management and employee training and inventory control. The company also operates over 40 Installers' Service Warehouses ("ISWs"), which are low cost, high volume mini-warehouses commonly located in metropolitan areas not serviced by the company's associated jobbers.
 The company was formed in 1989 by Clayton, Dubilier and Rice, Inc., a New York-based private investment firm, to acquire A.P.S., Inc. from Wickes Companies, Inc. Copies of the prospectus may be obtained from CS First Boston, Park Avenue Plaza, New York, N.Y. 10055; A.G. Edwards and Sons, Inc., One Poydras Plaza, 639 Loyola Avenue, Suite 1200, New Orleans, LA 70113; or Wertheim Schroder & Co., Inc., 787 Seventh Avenue, New York, N.Y. 10019.
 -0- 9/24/93
 /CONTACT: Paul Hargett OF APS Holding Corporation, 713-741-2470/
 (APSI)


CO: APS Holding Corporation ST: Texas IN: AUT SU: OFR

TM -- NY007 -- 5290 09/24/93 08:24 EDT
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Publication:PR Newswire
Date:Sep 24, 1993
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