U.S. Auto Parts Network Inc (PRTS.O), an online provider of aftermarket auto parts, said it would buy smaller rival Whitney Automotive Group for about $27.5 million to expand its presence in the do-it-yourself market.
U.S. Auto Parts said it will assume about $11 million in trade-related and other payables.
Whitney Automotive is expected to have $110 million to $120 million in revenue under U.S. Auto Parts ownership in 2010, the company said in a statement.
Separately, the company also reported second-quarter net income of $462,000, or 1 cent a share, compared with $629,000, or 2 cents a share, in the year-ago period.
Net sales rose 26 percent to $53.2 million.
Analysts on average were expecting earnings of 4 cents a share on revenue of $55.4 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $7.07 Monday on Nasdaq.
