Advance Auto Parts Completes $2.04B Acquisition
Oct. 17, 2013—Advance Auto Parts Inc. announced Wednesday that it has reached an agreement to acquire General Parts International Inc. (GPI) in an all-cash transaction of $2.04 billion. The transaction will create the largest automotive aftermarket parts provider in North America, with annual sales of more than $9.2 billion and more than 70,000 total employees.
North Carolina–based GPI is a leading distributer and retailer of replacement parts, supplies, tools and equipment for the auto industry. It operates the CARQUEST distribution network, as well as WORLDPAC.
With the merger, Advance will become the No. 1 distributor of import automotive parts, and will have the largest aftermarket business-to-business e-commerce platform as well as complete coverage across North America.
Temple Sloan will continue to hold the role as president of General Parts International and is expected to join Darren Jackson, CEO of Advance, on the Advance Auto Parts board of directors.
“This transformational transaction provides a compelling strategic opportunity for Advance to expand our geographic presence and commercial capabilities to better serve customers,” Jackson said. “The addition of 1,246 company operated stores and 1,418 independently owned CARQUEST locations provides us with an immediate platform and scale across North America, full market coverage and the opportunity to position ourselves as the market leader in the commercial business.”