Vermont Business Magazine One of the nation's largest auto parts dealers is buying Vermont's largest one. Bond Auto Parts of Barre has entered into a definitive agreement to be purchased by O’Reilly Auto Parts, based in Springfield, Missouri. The deal was consumated on September 30 and announced on O'Reilly's Q3 report October 26 and then on Bond's website the next day. The agreement is for O’Reilly to purchase substantially all of the assets of Bond Auto Parts, Inc. Financial terms of the deal are expected after it closes. O’Reilly is a leading retailer in the automotive aftermarket industry and has a very similar strategy and management philosophy as Bond Auto Parts. Bond said in a statement that the acquisition will bring better inventory and availability to its customers and more growth opportunity and industry horsepower to its stores.
O’Reilly has 74,000 employees. As of September 30, 2016, the company operated 4,712 stores in 45 states with $8 billion is 2015 sales. According to VBM, Bond Auto has 535 employees and annual revenues in 2015 of $74.9 million.
O’Reilly was founded in 1957 by the O’Reilly family and 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. Visit O’Reilly’s website at www.oreillyauto.com for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities and other programs. As of September 30, 2016, O’Reilly operated 4,712 stores in 45 states.
Bond Auto Parts was founded in 1956 by Earl and Mary Bond of Barre, Vermont. The company has since expanded with 24 stores in VT, 17 in NH, 2 in NY and 5 stores in MA. Bond Auto Parts is based in New England and is the 15th largest auto parts supplier serving both the do-it-yourself and professional installer markets.
O’Reilly’s President and CEO, Greg Henslee, said on the Q3 2016 financial report: “We are also very excited to announce we have entered into a definitive agreement to purchase substantially all of the assets of Bond Auto Parts, a privately held automotive parts supplier, which operates 48 stores in Vermont, New Hampshire, Massachusetts and New York. Over the past 60 years, the Bond family has built a very successful business based on a culture of providing excellent customer service, which makes their company a perfect fit with O’Reilly. I would like to welcome the Bond team members to O’Reilly, and we look forward to the opportunities ahead of us as we continue our growth in the Northeast.”
Source: Bond Auto Parts. O'Reilly. Vermont Business Magazine. October 27, 2016. For more information about Bond Auto, visit www.bondauto.com. www.facebook.com/bondauto www.youtube.com/bondautopartsinc.