Genuine Parts Company (GPC ) has one of the most impressive dividend growth histories in the market. With 62 years of dividend growth, Genuine Parts has the fourth longest dividend growth streak of any U.S. company. Because of this impressive dividend track record, Genuine Parts qualifies as a Dividend Kin.

Dividend Kings are those companies that have managed to increase their dividend for at least 50 consecutive years. You can see the full list of all 25 Dividend Kings here.

Genuine Parts is probably one of the least followed Dividend Kings out there. However, Genuine Parts’ business, dividend history, yield, and valuation make it a buy for dividend growth investors.

Business Overview

Carlyle Fraser created the Genuine Parts Company that we know today when he purchased Motor Parts Depot for $40,000 in 1928. He gave the company the name it has today. What started as a fairly modest investment 90 years ago has become a publicly owned company with a market cap of almost $13 billion.

These days, Genuine Parts is a leading distributor of automotive and industrial replacement parts.

Source: 2017 Investor Presentation

Genuine Parts employees almost 48,000 people and does business in ten countries. Genuine Parts sells products in the U.S., Mexico, Canada, Australia, the United Kingdom and others.

Genuine Parts consists of four different product segments. The Automotive Group contains the brand name NAPA. NAPA has more than 17,000 AutoCare Centers in the U.S. and another 1,600 in Canada.

The Industrial division sells replacement parts and materials to more than 300,000 customers in a variety of industries in North America. These industries include food and beverage, forest products, pulp and paper, automotive and oil and gas.

Genuine Parts’ Business Product division sells office goods to independently owned office products dealers, supply stores, military bases and food distributors in the U.S. and Canada.

The Electrical/Electronic segment sells materials to equipment manufacturers and industrial firms.

Even though Genuine Parts has been in business for ninety years, the company doesn’t rest on its previous success. Genuine Parts has been very active in buying other companies in order to help grow the business. The company’s recent purchase of Alliance Automotive Group is an example of this.

Source: 2017 Investor Presentation

Announced last September, Genuine Parts spent $2 billion to acquire this European supplier of replacement parts, tools and workshop equipment. The purchase of this company allows Genuine Parts to have access to three of Europe’s largest countries, helping to improve sales and earnings. This effect has already taken place in the company’s most recent earnings report.