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O’Reilly Auto pens purchase agreement

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O’Reilly Automotive Inc. (Nasdaq: ORLY) yesterday announced it entered a definitive agreement to buy most of Pompano Beach, Florida-based Bennett Auto Supply Inc.’s auto parts assets.

The purchase by the Springfield-based auto parts retailer is expected to close by year’s end. The purchase price was not included in a news release. The privately held Bennett Auto Supply operates 33 stores in southern Florida.

“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,” O’Reilly Auto CEO and co-President Greg Johnson said in the release. “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.”

Bennett Auto Supply’s website also lists items such as hand tools, welding equipment and shop supplies in addition to auto parts.

At the end of the third quarter, O’Reilly Auto’s store count was 5,190 after opening 45 locations and closing two. The company reported third-quarter earnings of $366.2 million, up 29 percent from $283.7 million a year earlier.

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