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WESCO AUTO PARTS COMPLETES MERGER OF REDDI BRAKE

 WEST COVINA, Calif., May 4 /PRNewswire/ -- Wesco Auto Parts Corporation (NASDAQ: WSCO) announced today that it has completed the merger of Reddi Brake Supply Company, Inc. into a Wesco subsidiary. In the merger transaction, Wesco issued 583,500 shares of Wesco common stock and paid $1,550,000 to the former shareholders of Reddi Brake, and based on the performance of Reddi Brake during the fiscal year ending June 30, 1995. Wesco could issue additional shares having a value of up to $2,200,000 at that time.
 Reddi Brake, which had been privately held, distributes automotive after-market parts primarily to repair shops and parts installers from 11 California locations Reddi Brake expects to open its 12th location -- and first outside California -- later this month in Phoenix. Reddi Brake's unaudited statement of operations for the six months ended March 31, 1993 reflected revenue of $5,318,000, gross profit of $2,158,000, income before tax of $553,000 and net income of $339,000.
 Wesco also announced the completion of a placement of an aggregate of 1,325,000 shares of its common stock at a price of $2 per share. This transaction resulted in net proceeds to Wesco of approximately $2,375,000. A portion of the proceeds were used to fund the merger of Reddi Brake Supply Company, Inc. Wesco intends to use the remaining proceeds for working capital purposes including the opening and operation of additional stores. The shares sold in the placement were sold to non-U.S. persons under Regulation S of the Securities Act of 1933.
 Wesco, which reported revenues of $10.8 million for the six months ended Dec. 31, 1992, sells automotive after-market parts, products and accessories to both do-it-yourself and commercial customers from nine facilities in southern California. In addition to its new Partsmart. Wesco operates seven Wesco superstores and one Wesco after market parts, products and accessories to both do-it-yourself and commercial customers.
 -0- 5/4/93
 /CONTACT: Michael J. Cassidy of Wesco Auto Parts Corporation, 818-814-1541, or Michelle Sotnikow of Howard Bronson & Company, 212-867-6160, for Wesco Auto Parts Corporation/
 (WSCO)


CO: Wesco Auto Parts Corporation; Reddi Brake Supply Company, Inc. ST: California IN: AUT REA SU: TNM

SM-TS -- NY061 -- 4401 05/04/93 14:17 EDT
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Publication:PR Newswire
Date:May 4, 1993
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