O'Reilly Automotive Announces Asset Purchase Agreement With VIP Auto
O'Reilly Automotive (NASDAQ: ORLY) 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.