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Hahn Automotive To Acquire Carparts Distribution Center
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By APF
Advance Auto Parts today announced with their Q3 release a new strategic plan that includes a reduction in U.S. footprint:
Store operations Reduction in U.S. asset footprint - closing 523 Advance corporate stores, exiting 204 independent locations, and closing four distribution centers. Standardization of store operating model and improving labor productivity. Acceleration in pace of new store openings. Merchandising excellence Strategic sourcing to improve first costs and bring link hidden, please login to view to market faster. Assortment management to enhance availability of link hidden, please login to view. Pricing and promotions management to improve gross margin. Supply chain Consolidation of distribution centers to operate 13 large facilities by 2026. Opening of 60 market hub locations by mid-2027. Optimization of transportation routes and freight to lower costs and improve productivity.
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By Counterman
link hidden, please login to view announced the completion of the previously announced acquisition of AX V Nissens III APS ( link hidden, please login to view), European manufacturer and distributor of aftermarket engine cooling and air conditioning products with a growing array of vehicle control technologies. Under the terms of the agreement, SMP has acquired all the issued and outstanding shares of Nissens for approximately $390 million (€360 million), net of cash and assumed debt and subject to post-closing adjustments, from Nordic private equity firm Axcel and the Nissen family, according to a news release announcing the acquisition.
“We are very pleased to announce the closing of the Nissens acquisition. With this combination, we create an aftermarket leader in North America and Europe across our key product categories. The strength of Nissens’ leadership team and overall cultural fit will allow for immediate collaboration on opportunities for growth through cross-selling as well as bi-directional synergies with significant savings potential. We welcome Nissens and its employees to the SMP family,” said Eric Sills,
link hidden, please login to view‘ chairman and CEO. The post
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By OReilly Auto Parts
SPRINGFIELD, Mo., Oct. 23, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue and earnings for its third quarter ended September 30, 2024.
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By Counterman
link hidden, please login to view announced the launch of link hidden, please login to view, a new automotive aftermarket distribution platform. The launch coincides with Driven Distribution Group’s acquisition of the auto parts and accessories distribution business of Chicago Parts & Sound, following the recapitalization of Tri-State Enterprises, Inc. in November 2023. Financial terms of the transaction were not disclosed. By bringing together CPS and Tri-State under the Driven Distribution Group umbrella, HCI said it “aims to establish a leading platform in the automotive aftermarket industry by equipping its brands with shared resources, strategic vision, investment and advanced technology to enable its companies to deliver best-in-class customer service.” Both CPS and Tri-State will continue to operate under their respective brands, while benefiting from the shared resources of the Driven Distribution Group platform.
“We are thrilled to welcome the CPS team to the Driven Distribution platform. Consistent with our original platform thesis, CPS represents a geographically strategic beachhead in the Midwest and is a great complement to Tri-State’s existing product categories. We look forward to working together to achieve our shared vision for growth,” said Scott Gibaratz, partner at HCI.
Chicago Parts & Sound, based in Elk Grove Village, IL, with additional locations in Illinois and Wisconsin, is a warehouse distributor focused on automotive aftermarket parts, batteries, consumables, and accessories. The company serves auto dealerships, independent repair shops, municipalities/governments and company fleets.
Bob Lederer, co-owner of CPS, said, “the growth of Tri-State Enterprises parallels that of CPS – just in a different part of the country. Opportunities to combine businesses of such similar backgrounds, culture, and customer focus make tremendous sense for all stakeholders in each company.”
“We are extremely impressed with the stellar business and established market reputation Bob and Jackie Lederer have built over the past 22 years. The combination of CPS and Tri-State as part of the Driven Distribution Group platform will enable us to expand our resources and capabilities to better serve our employees and customers,” said Tristan Taylor, CEO of Tri-State.
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