(Updated, 12:45 p.m.)
STAUNTON, Va. – Rhode Island-based McLaughlin Automotive Stores was bought by Fisher Auto Parts, CEOs Walter McLaughlin and Bo Fisher announced Monday.
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McLaughlin, founded in 1974, has eight stores and a warehouse in Rhode Island. Walter McLaughlin said he decided to sell the business because of his age but will stay on to guide Fisher in the near term.
He added that the local work force should not be affected and, if anything, Fisher may decide to expand. McLaughlin declined to disclose the sale price.
“Relative to its size, McLaughlin is one of the most successful and profitable companies in the aftermarket because their dedicated, talented and highly capable team members are focused on excellent customer service,” said Fisher in a news release.
“We share the same core philosophies and beliefs. We believe this acquisition will ultimately prove to be both a strong strategic and financial positive, enabling us to take another significant step into a geographically contiguous area,” he said.
Fisher Auto Parts’ most recent acquisition was in 2010 of the Pat Young Service Company. In addition, it has scheduled the opening of a 340,000-square-foot distribution center in Staunton, Va., in December.
Fisher, founded in 1929, has 380 locations and 3,200 employees in 16 states. It was a founding member of the Federated Auto Parts Distributors.
