O’Reilly Automotive has entered into a definitive agreement to purchase substantially all of the auto parts related assets of Bennett Auto Supply, headquartered in Pompano Beach, Florida. The asset purchase is expected to be completed by the end of this year.
Family owned and operated Bennett Auto Supply celebrated 60 years in business in 2017. The business operates 33 stores in Florida, and O’Reilly currently has 193 stores in the state.
In 2015, Bennett made a move to take on national competitors with a revamped brand position and creative campaign, along with launching a robust ecommerce website, offering more than 50,000 parts.
Terms of the deal have not been disclosed, however, O’Reilly’s CEO and Co-President, Greg Johnson welcomed Bennett team members to O’Reilly.
“We are very excited to announce we have entered into a definitive agreement to purchase substantially all of the assets of Bennett Auto Supply, a highly respected, privately held automotive parts supplier operating 33 stores in southern Florida,” said Johnson. “Over the past 61 years, the Bennett family has built a very successful business based on a culture of providing excellent customer service and is a premier parts supplier in their markets. I would like to welcome the Bennett team members to O’Reilly, and we look forward to the opportunities we will have together as we continue our profitable growth in Florida.”
At the same time as announcing the asset purchase, O’Reilly also announced that its board of directors approved a resolution to increase the authorization amount under its share repurchase program by an additional $1 billion, raising the aggregate authorization under the program to $11.75 billion. The additional $1 billion authorization is effective for a three-year period, beginning on Nov. 13.