The shares of automotive parts supplier and distributor Bapcor Ltd (ASX: BAP) have edged higher at the open following news of yet another acquisition from the rapidly growing company.

Last week Bapcor announced that it intends to take over New Zealand company Hellaby Holdings Ltd for a total cost of NZ$322 million. This week the company has entered into binding agreements to acquire the specialist wholesale diesel business of MTQ Engine Systems (MTQES).

Although this is a much smaller acquisition, estimated to be $17 million, the acquired business is expected to be accretive to earnings and provide a return on investment which will exceed Bapcor’s weighted average cost of capital.

According to the release, MTQES is Australia’s largest diesel and turbo aftermarket sales and service provider with a network of 10 locations across the country.

Its specialist products are supplied to a number of industries including the automotive, transport, agriculture, mining, and power generation industries. For the year to June 2016, the company had annual sales of $41 million and annual EBITDA of approximately $3 million.

Bapcor’s CEO Darryl Abotomey had this to say on the acquisition:

“The acquisition of MTQES in the fast growing category of diesel and turbo chargers continues the exciting growth in the development of the Bapcor Group, and is consistent with our strategy to grow our specialist wholesale business where we will be number 1 or 2 in the category in which our businesses operate. The expansion into the diesel and turbo charger area is very complementary to the current range offered in our specialist businesses and is a key segment we have been striving to be present in.”

Whilst this new deal isn’t necessarily going to be a game-changer, I do believe it makes an already investment-worthy Bapcor an even more attractive option for investors.

At 33x full year earnings its shares may be trading at a premium to ARB Corporation Limited (ASX: ARB) and Super Retail Group Ltd (ASX: SUL), but I feel confident that its explosive growth prospects more than justify this.

If you need to make room in your portfolio for Bapcor or any other new investment, I would highly recommend taking a look to see if you own these wealth destroying shares. Each could be harming your portfolio right now and might be best swapped out if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Bapcor. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.