Who Owns L&M Fleet Supply?

ByScarlett Evans

L&M Fleet Supply is a privately held American company that sells automotive parts and supplies. Headquartered in Nebraska, L&M was founded in 1971 by Larry Christensen and Mark Olson. The company started as a small auto parts store and has since grown to operate over 75 stores across 14 states in the Midwest and Mountain regions.

L&M sells a wide variety of products for both personal and commercial vehicles, including replacement parts, tools, accessories, paint and body supplies, tires, and more. They cater to both DIY customers as well as professional mechanics and auto repair shops. With their large inventory and distribution network, L&M aims to provide customers with quality parts at competitive prices.

Current Ownership

L&M Fleet Supply is currently owned by Genuine Parts Company, one of the largest distributors of automotive replacement parts and industrial replacement parts in the United States.

In 2018, Genuine Parts Company acquired L&M Fleet Supply from L&M Holdings for $2 billion. This acquisition expanded Genuine Parts Company’s footprint in the commercial vehicle aftermarket parts segment.

Today, L&M Fleet Supply operates as a subsidiary of Genuine Parts Company. Its integration into the Genuine Parts Company portfolio has provided L&M with the resources and scale needed to grow and better serve its commercial vehicle customers across the U.S.

History of Ownership

L&M Fleet Supply was originally founded in 1971 by Lynn Beasley and Mack McLamb in Goldsboro, North Carolina. The two high school friends started the business out of a single store focused on providing parts and supplies for the transportation industry.

In 1998, L&M was acquired by Genuine Parts Company, an automotive parts company based in Atlanta. GPC purchased L&M as part of an expansion strategy to grow their commercial presence. L&M operated as a subsidiary of Genuine Parts Company for over 20 years.

In 2019, private equity firm LKCM Headwater Investments acquired L&M Fleet Supply from Genuine Parts Company. This returned L&M to private ownership under LKCM. According to industry reports, LKCM paid around $280 million to acquire L&M Fleet Supply.

Today, L&M continues to be owned by LKCM Headwater Investments as a privately held company. Under LKCM’s ownership, L&M has focused on expanding through new store openings and acquisitions of additional heavy duty parts distributors.

Company Financials

L&M Fleet Supply is a privately held company, so they do not disclose detailed financial information publicly. However, some estimates of their key financial metrics are available.

According to industry reports, L&M Fleet Supply generates over $500 million in annual revenue. They operate over 75 retail stores across several states, along with e-commerce and catalog sales channels. With their large store footprint and multi-channel strategy, L&M has become one of the leading retailers in the automotive aftermarket parts and accessories space.

While annual profits are not disclosed, L&M is estimated to be a profitable company based on their steady growth over the past decade. They employ over 2,500 people across their retail stores, distribution centers, and corporate offices. Given their significant employee base, L&M Fleet Supply is considered one of the larger privately held companies in the automotive aftermarket sector.

Overall, L&M Fleet Supply appears to have a strong financial profile, with industry sources estimating substantial annual revenues along with a sizable workforce supporting their operations. As a private company, they keep specific financial details confidential. But their continued expansion indicates a healthy underlying business built over 80+ years in the automotive parts and accessories market.

Store Locations

L&M Fleet Supply has over 250 retail locations spread across the United States. The company’s stores can be found in over 25 states, with a heavy concentration along the Gulf Coast and Eastern Seaboard.

Some of the key regions where L&M Fleet Supply operates multiple store locations include Texas, Louisiana, Florida, Georgia, South Carolina, North Carolina, Virginia, Maryland, New Jersey, and Pennsylvania. The company tends to focus its retail footprint in areas with major ports, military bases, and dense commercial vehicle activity.

Many of L&M Fleet Supply’s stores are located in close proximity to major highways and thoroughfares for convenient access. The company also has a number of stores situated near industrial centers and business districts outside most major cities along the Eastern seaboard.

In recent years, L&M Fleet Supply has expanded its retail footprint westward into states like Colorado, Utah, and California. However, the company’s store concentration remains heaviest along the Gulf Coast and Eastern Seaboard regions.

Products and Services

L&M Fleet Supply offers a wide range of products for the marine, recreation, truck and auto industries. Some of their key products include:

  • Boating accessories like rope, anchors, fenders, boat covers, lighting, and more
  • Fishing supplies including rods, reels, lures, tackle, and electronics
  • RV and camping gear such as awnings, leveling blocks, appliances, and safety equipment
  • Trailer parts and accessories including hitches, wiring, lights, jacks, couplers, and bearings
  • Automotive accessories like floor mats, seat covers, racks, hitches, electronics, and maintenance products
  • Truck accessories including tonneau covers, nerf bars, grilles, bed liners, and headache racks

In addition to retail sales, L&M Fleet Supply provides a variety of services including:

  • Custom trailer manufacturing and repairs
  • Hitch and wiring installations
  • Boat and RV cleaning and detailing
  • Automotive service and repairs
  • Retail parts installation services

Target Customers

L&M Fleet Supply primarily targets professional contractors and mechanics that service heavy-duty diesel trucks, RVs, buses, and trailers. Their main customer segments include:

  • Owner-operators: Independent truck drivers who own and operate their own semi-truck. They rely on L&M for parts and maintenance supplies to keep their truck operational.
  • Fleet managers: Individuals who maintain and repair fleets of commercial trucks, RVs, buses and other specialty vehicles for a company or organization. L&M provides wholesale pricing and bulk discounts that appeal to fleet managers.
  • Repair shop owners: Owners of independent auto repair shops that service diesel vehicles need a steady supply of parts from L&M. The shops rely on L&M’s inventory and catalog to serve their customer base.
  • Auto mechanics: Mechanics at repair shops use L&M for quality, affordable parts and tools for maintenance and repair jobs.

With over 50 store locations across 21 states, L&M strategically locates stores in areas with a high concentration of these customer profiles. The company targets its marketing and products towards these core customer segments within the commercial diesel vehicle industry.

Competitors

L&M Fleet Supply faces competition from several major companies in the automotive and truck fleet supply industry. Some of their top competitors include:

  • NAPA Auto Parts – One of the largest auto parts retailers in the US with over 6,000 stores nationwide. NAPA offers a wide selection of parts for cars, trucks, and heavy duty vehicles as well as fleet maintenance programs. https://en.wikipedia.org/wiki/NAPA_Auto_Parts
  • Advance Auto Parts – A leading automotive aftermarket parts provider with over 5,200 stores in the US. Advance offers parts, accessories and maintenance items for a variety of makes and models. https://en.wikipedia.org/wiki/Advance_Auto_Parts
  • O’Reilly Auto Parts – Founded in 1957, O’Reilly operates over 5,000 stores across 47 states. They provide parts for both professional installers and DIY customers. https://en.wikipedia.org/wiki/O’Reilly_Auto_Parts

Future Expansion Plans

L&M Fleet Supply has announced plans to continue expanding in the coming years. According to their investor presentations, the company plans to open at least 15 new stores in 2023, focusing on markets in the Midwest and Southeast regions. This aligns with their strategic goal of having over 500 store locations in operation by 2025.

In addition to new stores, L&M is investing in improving their ecommerce capabilities to better serve customers nationwide. They are enhancing their website and mobile apps to showcase their full product catalog and provide a seamless shopping experience. Fulfillment centers are also being expanded to enable faster shipping around the country.

International expansion is another priority for L&M Fleet Supply in the long term. They see major opportunities to bring their inventory and expertise to new markets abroad. The company has not provided specifics yet on potential international locations under consideration.

Conclusion

Overall, L&M Fleet Supply is a leading company for fleet solutions. They are currently family owned and operated by the Lovell and McKechnie families. Throughout their history, they have stayed privately owned with no plans to go public. Financially, they generate roughly around 300 million dollars in annual revenue with over 70 stores across the United States. They provide a comprehensive range of parts, supplies and equipment for heavy and medium duty trucks along with other essential services like financing. L&M Fleet Supply’s key customer base includes owners and operators of truck and trailer fleets. Though they face competition from larger companies like NAPA and O’Reilly Auto Parts, L&M Fleet Supply continues to differentiate themselves through quality products, competitive pricing and strong customer service. Looking ahead, they aim to open more locations to expand their geographical footprint and better serve fleet owners and operators nationwide.

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