Advance Auto completes $2.04 billion General Parts International deal
- January 3, 2014
Roanoke-based Advance Auto Parts Inc. has completed its $2.04 billion acquisition of General Parts International Inc., an all-cash deal that creates a company with annual sales of more than $9.3 billion.
Advance Auto said the transaction, which was announced in October, makes it the largest aftermarket auto parts provider in North America.
Raleigh, N.C.-based General Parts is a major distributor and supplier of original equipment and aftermarket replacement products for commercial markets. The privately held company, founded in 1962, operates under the Carquest and Worldpac brands.
The combined company now has about 5,300 stores and more than 70,000 employees.
Advance Auto said the deal will accelerate its growth strategy, providing it with additional market opportunities and strengthening its brands.
With the completed acquisition, Advance adds to its operations 38 General Parts distribution centers and 1,248 company-operated Carquest locations in the U.S. and Canada.
It also will service about 1,400 independently owned Carquest locations.
Advance will also add Worldpac, a major importer and distributor of original equipment and aftermarket replacement automotive parts.
It serves import specialists in North America and Puerto Rico operating 105 facilities in the U.S. and Canada.