O REILLY AUTOMOTIVE INC acquired Hi-Lo Automotive, Inc. for $91 million, a transaction completed in January 1998, structured as Cash merger; O'Reilly acquired 100% of the outstanding capital stock of Hi-Lo Automotive, Inc. Equity purchase price of approximately $47.8 million (about $4.35 per common share) plus approximately $43.2 million of assumed debt, for a total purchase price of $91 million..
Hi-Lo Automotive, Inc. operates in U.S. automotive aftermarket parts retail. O'Reilly completed a merger with Hi-Lo Automotive, Inc. and its subsidiaries on January 30, 1998 (effective January 31, 1998), acquiring 100% of the outstanding capital stock. Hi-Lo was a Houston, Texas headquartered specialty retailer and supplier of automotive products operating 189 stores in Texas (165), Louisiana (17) and California (7), plus a 375,000 square foot distribution center in Houston. Hi-Lo had sales of approximately $238.3 million for the year ended December 31, 1997.
Excluding the seven California stores, Hi-Lo's operations were contiguous to O'Reilly's existing footprint, creating a natural geographic extension into Texas and Louisiana markets already slated for future growth and development.
Advisory firms were not disclosed for this transaction.