[B]ond Auto Parts, a family-owned company started in 1956 in Barre, is being sold to a publicly traded company based in Missouri.
O’Reilly Auto Parts announced its acquisition of the Vermont company during its third-quarter sales call Oct. 26.
O’Reilly is one of the largest sellers of aftermarket automotive parts in the country, according to a news release, and has a market capitalization of $25 billion, according to the Wall Street Journal. It is traded on Nasdaq as ORLY.
Bond, which is privately held, is a major presence in the Northeast’s automotive supply market, with 24 stores in Vermont, 17 in New Hampshire, five in Massachusetts and two in New York. The stores collectively employ about 600 people.
The price of the deal is not being disclosed.
Mark Mast, a vice president for Bond Auto Parts, said the company decided to sell because “the timing was right.” The two companies have had a business relationship since the 1980s, he said, and have similar company cultures.
“Every Bond team member will be offered a position with O’Reilly,” Mast said. “It’s still early to tell how many will stay on, but it’s anticipated that the majority will. There are a few that will be offered to relocate. One of the biggest reasons O’Reilly was interested in Bond is the people and the relationships that have been built over the past 60 years.”
Jeff Shaw, an executive vice president for O’Reilly Auto Parts, said in a phone call with investors that acquiring Bond’s 48 stores by the end of 2016 would give O’Reilly 258 stores in total. The company wants to add 190 more stores in 2017, Shaw said.
“We’ve known the Bond family for many years and have a tremendous amount of respect for the quality of their people and their business,” he said. “Their team members are truly professional parts people.”
Greg Henslee, the president and chief executive officer of O’Reilly, said: “We are opportunists. … We would look at any and all companies that might be for sale. And that our decision would be made based on fit, geographic overlap, price, multiple factors that come into consideration when we acquire companies.”
The sale will be completed by the end of this year, Mast said.
