MinuteClinics open inside Northern California CVS stores
Woonsocket, R.I. – The first MinuteClinic walk-in medical clinics in Northern California and the Bay Area have opened inside select CVS/pharmacy stores in Santa Clara and San Mateo counties. Three MinuteClinic locations are now operating in Foster City, San Jose, and Sunnyvale CVS/pharmacy stores.
Four additional clinics will begin to treat patients in November in Burlingame, Campbell, Mountain View and Santa Clara. There are 35 MinuteClinic locations elsewhere in California spanning from the San Fernando Valley to San Diego. MinuteClinic’s entry into Northern California is part of the company’s national expansion plan to open 150 clinics nationwide in 2013.
Advance Auto Parts to expands footprint with GPII acquisition
Advance Auto Parts plans to acquire General Parts International in an all-cash transaction worth $2.04 billion. The transaction has been approved by the boards of directors of both companies.
General Parts International is a leading privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the Carquest and Worldpac brands.
The transaction will create the largest automotive aftermarket parts provider in North America, with annual sales of more than $9.2 billion and more than 70,000 employees, which will accelerate Advance’s growth strategy and enhance shareholder value.
O. Temple Sloan III, president of General Parts International will continue to serve as president of the company. He will report to Darren Jackson, CEO of Advance Auto Parts, and is expected to join the Advance Auto Parts board of directors. The combined company will be headquartered in Roanoke, Va., and will continue to maintain a presence in Raleigh, N.C.
“This transformational transaction provides a compelling strategic opportunity for Advance to expand our geographic presence and commercial capabilities to better serve customers,” said Jackson. “The addition of 1,246 company-operated stores and 1,418 independently owned Carquest locations provides us with an immediate platform and scale across North America, full market coverage and the opportunity to position ourselves as the market leader in the commercial business. We believe the combination of the two companies is a great fit and the synergy of GPII’s assets with our capabilities will allow us to capitalize on market opportunities that will create value for our shareholders and provide even better service to our customers. We welcome and look forward to working with the talented leaders and team members from GPII.”
“We are excited to bring together two highly complementary automotive aftermarket companies. The combination with Advance Auto Parts is the next logical step in our company’s evolution,” added Sloan. “Advance’s retail presence, strong capability infrastructure and acquisition integration experience combined with GPII’s leadership in the commercial, independent and import segments creates a powerful platform to drive profitable growth. With a more robust offering and a shared focus on best-in-class customer service, our combined business will continue to deliver value for customers and shareholders.”
Advance anticipates that the transaction will result in approximately $160 million of annual run-rate synergies to be fully realized within three years after closing.
“This strategic transaction presents an exciting opportunity for value creation and Advance is dedicated to delivering on the compelling financial potential this combination creates while remaining committed to maintaining our investment grade credit rating,” said Mike Norona, CFO of Advance Auto Parts.
The transaction is subject to regulatory approvals and customary closing conditions and is expected to close by late 2013 or early 2014.
Financial advisers to Advance Auto Parts are Blackstone Advisory Partners L.P. and J.P. Morgan Securities LLC and legal adviser is Kirkland & Ellis LLP. Financial adviser to General Parts International are Wells Fargo Securities, LLC and the Orr Group, LLC and legal advisers are Manning Fulton & Skinner, P.A. and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P.
Aptaris names VP technology
Tampa, Fla. – Marketing enterprise management systems provider Aptaris has named Bill Morrell as VP technology. Morrell previously held IT executive positions at companies including BabyAge.com and Destination Maternity, as well as consulting roles with clients including Cadbury Adams, Nascar and DME.
“Bill is a technology strategist who understands the tremendous pressure and deadlines retailers face daily. He creates solutions that deliver efficiency and are keenly focused on making the retail merchandising and marketing process more simplified,” said Tom O’Reilly, CEO of Aptaris. “From optimizing vendor funding, campaign and deal management to building collaboration tools, Bill will be a solid addition to the Aptaris leadership team.”