O’Reilly Automotive, Inc. to Acquire Groupe Del Vasto, Headquartered in Montreal, Canada
18 Dicembre 2023 - 10:00PM
O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq:
ORLY), a leading retailer in the automotive aftermarket industry,
announced that it has entered into a definitive stock purchase
agreement with the shareholders of Groupe Del Vasto, headquartered
in Montreal, Quebec, Canada, under which O’Reilly will acquire all
of the outstanding shares of Groupe Del Vasto and its affiliated
entities. The stock purchase is expected to be completed in January
2024, subject to customary closing conditions and regulatory
approvals. Groupe Del Vasto operates as Vast-Auto Distribution
(“Vast-Auto”).
“We are excited to announce our purchase
agreement with Vast-Auto, a highly respected, family-owned and
operated auto parts supplier in Canada,” said Greg Johnson,
O’Reilly CEO. “From their beginning more than 35 years ago,
Vast-Auto has built a very successful business by focusing on the
same fundamental culture values of hard work and excellent customer
service that have also been key to O’Reilly’s success. This
strategic acquisition represents another important milestone in
O’Reilly’s rich history, as we extend our footprint into Canada and
continue our long track record of profitable growth throughout
North America.”
Vast-Auto operates two distribution centers and
six satellite warehouses that support a network of 23 company-owned
stores, hundreds of strategic independent partners, as well as a
widespread service reach that extends to thousands of other
independent jobber and professional customers across Eastern
Canada.
“Vast-Auto’s seasoned management team, led by
Mauro Cifelli, will continue to operate the business,” said Brad
Beckham, O’Reilly Co-President. “Partnering with the experienced
O’Reilly leadership, we will continue to grow the successful and
profitable organization they’ve established. We cannot wait to
welcome the more than 500 Vast-Auto team members to the O’Reilly
family and look forward to working together as we build upon
Vast-Auto’s strong and rich history in the Canadian automotive
aftermarket, as our two amazing teams come together as one.”
Vast-Auto leadership is equally excited about
the acquisition. “This is a significant milestone and fantastic
opportunity for Vast-Auto and will be a catalyst to accelerate our
expansion throughout Canada,” said Mauro Cifelli, Vast-Auto’s
president and CEO. “Our company has always been committed to a
strong culture, hard work, and exceptional customer service and
these values align perfectly with O’Reilly’s culture. We recognize
the unique contributions that each company brings to the table and
are excited to become a part of the O’Reilly family.”
John Del Vasto, founder and chairman of Groupe
Del Vasto, began his career as a mechanic and then owner of a
service station and an auto parts store. “Our number one priority
was finding the right long-term partner to safeguard the legacy of
Vast-Auto,” he said. “O’Reilly has a very similar heritage to our
company, and we know that our entire team will thrive under the
ownership of O’Reilly far into the future we build together.”
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. 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 the Company’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, 2023, the
Company operated 6,111 stores across 48 U.S. states, Puerto Rico,
and Mexico.
About Vast-Auto Distribution
Vast-Auto Distribution was founded in 1986 by
John Del Vasto and is a leader in the distribution and marketing of
automotive parts for auto parts stores in Eastern Canada. Vast-Auto
offers its customers a complete business solution, including a wide
range of quality parts, innovative marketing programs as well as
training and business management systems. As of December 18, 2023,
Vast-Auto operated 23 company-owned stores across five Canadian
provinces.
Forward-Looking Statements
The Company claims the protection of the
safe-harbor for forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. You can
identify these statements by forward-looking words such as
“estimate,” “may,” “could,” “will,” “believe,” “expect,” “would,”
“consider,” “should,” “anticipate,” “project,” “plan,” “intend,” or
similar words. In addition, statements contained within this press
release that are not historical facts are forward-looking
statements, such as statements discussing, among other things,
expected growth, store development, integration and expansion
strategy, business strategies, future revenues, and future
performance. These forward-looking statements are based on
estimates, projections, beliefs, and assumptions and are not
guarantees of future events and results. Such statements are
subject to risks, uncertainties, and assumptions, including, but
not limited to, the economy in general; inflation; consumer debt
levels; product demand; a public health crisis; the market for auto
parts; competition; weather; tariffs; availability of key products
and supply chain disruptions; business interruptions, including
terrorist activities, war and the threat of war; failure to protect
our brand and reputation; challenges in international markets;
volatility of the market price of our common stock; our increased
debt levels; credit ratings on public debt; historical growth rate
sustainability; our ability to hire and retain qualified employees;
risks associated with the performance of acquired businesses;
damage, failure or interruption of information technology systems,
including information security and cyber-attacks; and governmental
regulations. Actual results may materially differ from anticipated
results described or implied in these forward-looking statements.
Please refer to the “Risk Factors” section of the annual report on
Form 10-K for the year ended December 31, 2022, and subsequent
Securities and Exchange Commission filings, for additional factors
that could materially affect the Company’s financial performance.
Forward-looking statements speak only as of the date they were
made, and the Company undertakes no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
For further information contact:
Investor Relations Contacts
Mark Merz (417) 829-5878
Eric Bird (417) 868-4259
Media Contact
Sonya Cox (417) 829-5709
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