O'Reilly Automotive, Inc., a leading retailer in the automotive aftermarket industry, 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 Dec. 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.
VIP Auto ranked No. 15 in the Aftermarket Business World 2012 Top 40 Auto Report, released earlier this year.
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.
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VIP has been in the auto parts business since 1976, when the first VIP store was opened in Lewiston, Maine. “I want to thank all of our VIP team members who have so loyally served our parts customers over these many years. Their hard work and dedication to providing exceptional service is the reason that our parts stores have been so successful,” says John Quirk, VIP’s President & CEO.
“We are excited about entering into this very unique business arrangement with O’Reilly,” says Quirk. “O’Reilly operates one of the most successful chains of auto parts stores in the country. Their dual-market strategy and commitment to serving professional installers is a great fit with our tire and service business.”
VIP stores are the place where New Englanders turn for professional tire installation and automotive service. “This partnership will allow us to build on the positive momentum we are experiencing in our tire and service business,” says Tim Winkeler, VIP’s Chief Operating Officer. “Our VIP tire and service team members have built great relationships with customers in each of our markets, and now we can focus 100% of our energy on growing this very profitable business for the long term.”
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