NEW YORK Nov 1 Advance Auto Parts Inc
has hired investment bank Blackstone Advisory to explore a
potential sale to private equity, a source familiar with the
matter said on Thursday, in a deal that could top $6 billion.
The auto parts retailer, which sells parts, accessories,
batteries and maintenance items to both do-it-yourself and
commercial customers, has attracted initial interest from
several private equity firms, the source said.
The auction is at an early stage and the buyout firms have
held management meetings with Advance Auto Parts over the past
two weeks, the source added.
Shares of Advance Auto Parts jumped 13 percent on Thursday
to $79.91 on the New York Stock Exchange, valuing the company at
more than $5.8 billion. CNBC reported news of the potential sale
earlier on Thursday.
The source declined to be identified because the matter is
not public. Representatives for Advance Auto Parts and
Blackstone did not immediately respond to requests for comment.