Advance Auto completes acquisition of Raleigh-based General Parts
01/03/2014 11:40 AM
01/03/2014 11:50 PM
Advance Auto Parts announced Thursday that it has completed its $2.04 billion acquisition of Raleigh-based General Parts International.
The deal, first announced in October, creates the largest provider of automotive replacement parts in North America with combined sales of more than $9.3 billion and more than 70,000 employees.
General Parts was founded in downtown Raleigh a half-century ago and later developed a national chain of more than 2,600 Carquest auto parts stores. In addition to Carquest, General Parts also has 102 Worldpac locations that import and distribute auto parts to repair shops that specialize in imports.
The combined company is to be based in Roanoke, Va., and will maintain a presence in Raleigh, where General Parts employs about 500 workers.
O. Temple Sloan Jr., General Parts founder, is taking on an “advisory role” in the combined company. O. Temple Sloan III, president of General Parts and Sloan’s son, will remain president of the General Parts business.
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