A handful of firms are advising on a $2.04 billion all-cash deal that will see Advance Auto Parts acquire privately held rival General Parts International in a takeover bid that will create North America’s largest auto parts retailer.
Roanoke, Virginia–based Advance Auto currently trails O’Reilly Automotive and market leader AutoZone in the race to become the country’s top provider of new and repurposed auto parts. Reuters reports that the purchase of General Parts allows Advance Auto to enter the repair business by picking up the Carquest auto supply chain and expand into new product lines.
