O'Reilly Automotive, Inc. Announces Asset Purchase Agreement With VIP Auto
17 Dezembro 2012 - 9:30PM
O'Reilly Automotive, Inc. (the "Company" or "O'Reilly")
(Nasdaq:ORLY), a leading retailer in the automotive aftermarket
industry, today announced that it has entered into a definitive
agreement to purchase the auto parts related assets of VIP Parts,
Tires & Service ("VIP"). The asset purchase is expected to be
completed on or about December 31, 2012.
VIP is a large privately held automotive parts, tires and
service chain in New England, and has provided outstanding service
to New Englanders for over 30 years. Based in Lewiston,
Maine, VIP currently operates 56 stores located throughout Maine,
New Hampshire and Massachusetts as well as a distribution center
located in Maine. After the completion of the asset purchase
agreement, VIP will continue to own and operate the tire and
service components of the business and O'Reilly will own and
operate the automotive parts sales and distribution operations of
the business.
About VIP Parts, Tires & Service
VIP Parts, Tires & Service is New England's largest
privately held automotive parts and accessories chain. Based
in Lewiston, Maine, VIP has 56 stores in Maine, New Hampshire and
Massachusetts. Since 1958, VIP has been the place where New
Englanders turn for everything they need to keep their vehicles
running at peak performance. In 2001, VIP was purchased by
Quirk Tire of Watertown, Massachusetts. Quirk Tire was
founded 87 years ago by Edward Quirk Sr., and the Quirk family has
had a proud heritage of delivering exceptional customer
service. Quirk Tire converted into the full VIP format in
2001.
About O'Reilly Automotive, Inc.
O'Reilly Automotive, Inc. is one of the largest specialty
retailers of automotive aftermarket parts, tools, supplies,
equipment and accessories in the United States, serving both the
do-it-yourself and professional service provider
markets. Founded in 1957 by the O'Reilly family, the Company
operated 3,896 stores in 39 states as of September 30, 2012.
The O'Reilly Automotive, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5430
Forward-Looking Statements
The Company claims the protection of the safe-harbor for
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify
these statements by forward-looking words such as "expect,"
"believe," "anticipate," "should," "plan," "intend," "estimate,"
"project," "will" or similar words. In addition, statements
contained within this press release that are not historical facts
are forward-looking statements, such as statements discussing among
other things, expected growth, store development, integration and
expansion strategy, business strategies, future revenues and future
performance. These forward-looking statements are based on
estimates, projections, beliefs and assumptions and are not
guarantees of future events and results. Such statements are
subject to risks, uncertainties and assumptions, including, but not
limited to, competition, product demand, the market for auto parts,
the economy in general, inflation, consumer debt levels,
governmental regulations, the Company's increased debt levels,
credit ratings on the Company's public debt, the Company's ability
to hire and retain qualified employees, risks associated with the
performance of acquired businesses such as CSK Auto Corporation,
weather, terrorist activities, war and the threat of
war. Actual results may materially differ from anticipated
results described or implied in these forward-looking
statements. Please refer to the "Risk Factors" section of the
annual report on Form 10-K for the year ended December 31, 2011,
for additional factors that could materially affect the Company's
financial performance. The Company undertakes no obligation to
publicly update any forward-looking statements, whether as a result
of new information, future events or otherwise.
CONTACT: Investor & Media Contact
Mark Merz (417) 829-5878
O Reilly Automotive (NASDAQ:ORLY)
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