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Advance Auto Parts To Buy Carport Autoparts Chain

Advance Auto Parts To Buy Carport Autoparts Chain – Brief Article

Advance Auto Parts and Carport Auto Parts said that they have signed a definitive agreement whereby Advance would acquire all of the 51 stores that Carport operates in Alabama and Mississippi. Upon completion of the transaction, Advance will become the largest retail auto parts chain in Alabama. The Carport stores will be converted to Advance Auto Parts.

Financial terms of the asset purchase were not disclosed. Larry Castellani, Chief Executive Officer of Advance, commented, “We are very excited to have the opportunity to acquire the Carport stores, which have established a strong market presence in Alabama and Mississippi since the first location opened 15 years ago. The combination of our existing stores with Carports’ locations will make us the market leader in Alabama and enhances our position in Mississippi. A key element in our decision is the strong Carport team at both the store and regional management level that will fit very well into our long term plans.”

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COPYRIGHT 2002 Gale Group