Advance Auto Parts Buys General Parts International
Roanoke, VA - The Roanoke-based Advance Auto Parts is now expected to be the biggest automotive replacement parts provider in North America.
The company is buying General Parts International for a little more than $2 billion.
General Parts distributes and supplies equipment and parts for commercial markets operating under the Carquest and Worldpac brands.
As a part of the deal, Advance Auto will get more than 1,200 stores and more than 1,400 Carquest locations.
The transaction should close by late this year into early 2014.
"That means we continue to be based here. That means we have more contractors, vendors and visitors coming into Roanoke and that means an awful lot for the airport and for rental cars and for hotels and for restaurants. I think it has a pretty good cascading affect across the entire valley," said President of Advance Auto George Sherman.