O'Reilly Automotive, Inc. Announces Asset Purchase Agreement With VIP Auto

SPRINGFIELD, Mo., Dec. 17, 2012 (GLOBE NEWSWIRE) -- 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.

If you liked this article you might like

Cramer: Dominoes Are in Play Today

O'Reilly Automotive: Watching the Volume

Here's How Walmart Could Hurt Amazon - Buy a 5,000-Store Auto Parts Retailer

Buy Auto Parts Stocks on Amazon Fears

The Stock Market Is on Fire, Especially in These Sectors: Market Recon