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AutoZone To Acquire Auto Palace

MEMPHIS, Tenn., Jan. 14 /PRNewswire/ -- AutoZone, Inc. (NYSE: AZO) has reached a definitive agreement to acquire Auto Palace in a transaction valued at $55 million, John C. Adams, Jr., chairman and CEO of AutoZone announced today.

Auto Palace, a 22-year-old privately held company based in Brockton, Massachusetts, owns 112 retail auto parts stores in six northeastern states -- Connecticut, Massachusetts, New Hampshire, New York, Rhode Island and Vermont. The Auto Palace stores will be converted to AutoZone stores. The transaction is subject to regulatory approvals.

"This acquisition gives AutoZone a meaningful presence in a brand new market. Prior to this, we didn't have any stores in five of the six states where Auto Palace operates and only a handful of stores in New York," Adams said. "We're comfortable with the value, we've visited their locations and we've researched the markets extensively. Auto Palace is a dominant player in the Northeast, and I'm tremendously excited to be adding so many top-notch parts people to the AutoZone team. Strategically, this purchase makes sense, and it's a solid boost to our already rapid expansion plans."

AutoZone sells auto parts, chemicals and accessories through its chain of 1,772 stores in 32 states.

Certain statements contained in this press release are forward-looking statements. These statements discuss, among other things, expected growth, store development and expansion strategy, business strategies, future revenues and future performance. The forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, competitive pressures, demand for the company's products, the market for auto parts, the economy in general, inflation, consumer debt levels and the weather. Actual results may materially differ from anticipated results described in these forward-looking statements.

SOURCE AutoZone Inc.
 -0- 1/14/98

/CONTACT: Financial: Emma Jo Kauffman, 901-495-7005, or Media: Eric Epperson, 901-495-7307, both of AutoZone Inc./


CO: AutoZone Inc.; Auto Palace ST: Tennessee, Massachusetts IN: AUT SU: TNM

DR -- CHW017 -- 9074 01/14/98 18:27 EST
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Publication:PR Newswire
Date:Jan 14, 1998
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