ROANOKE, Va. (Jan. 6, 2014) — Advance Auto Parts Inc. has completed its acquisition of General Parts International Inc. (GPII), a distributor and supplier of OE and aftermarket replacement products under the Carquest and Worldpac brands.
Advance Auto claims the all-cash transaction, which carries an enterprise value of $2.04 billion, makes it the largest automotive aftermarket parts provider in North America, with annual sales of more than $9.3 billion.
Advance Auto, which operates 4,049 stores in 39 states, Puerto Rico and the Virgin Islands, will add to its operations 38 General Parts distribution centers, 1,248 company-owned Carquest auto parts store locations in the U.S. and Canada and about 1,400 independently owned Carquest locations primarily in the U.S. and Canada, and Worldpac operations involved in the importing and distribution of OE and aftermarket parts to import specialists.
“We are excited about the completion of this transaction and the opportunity it presents for our customers and the over 70,000 team members. This combination positions Advance as the largest automotive aftermarket provider of parts, accessories, batteries and maintenance items in North America.
“Strategically it provides us with a compelling opportunity to expand our geographical presence, channels of distribution and commercial capabilities to better serve customers and deliver value to shareholders,” said Darren R. Jackson, Advance Auto CEO.
How have tire prices been in the last few months?
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