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Billionaire Emerges on $2 Billion Advance Auto Parts Deal

O. Temple Sloan Jr., the founder and chairman of General Parts International Inc., emerged as a billionaire today after announcing his family will sell its auto-parts company to Advance Auto Parts Inc. for $2.04 billion.

General Parts is the Raleigh, North Carolina-based parent of the Carquest chain that sells and distributes replacement parts, tools, supplies and equipment for cars and trucks, according to a statement today from Advance Auto Parts. Sloan founded the company in 1962. His son, O. Temple Sloan III, controls all of Carquest, according to Orbis, a database of company information published by Bureau van Dijk.