Uni-Select Inc., a major automotive aftermarket parts and paint products distributor with activities across North America, announced that it has entered into an agreement for the sale of substantially all of the assets of Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. to an affiliate of Icahn Enterprises L.P. at a purchase price of approximately $340 million, subject to adjustments based on the net tangible book value of assets sold at closing.
The transaction results from preliminary discussions initiated in January, which led to the agreement for the sale of 39 distribution centers and satellite locations, 240 corporate stores and a total of 2,960 teammates.
FinishMaster, Uni-Select’s automotive paint distribution activities, as well as its Canadian automotive parts and paint distribution business unit are not subject to the transaction. The transaction is expected to close during the first half of 2015 and is subject to customary closing conditions, including obtaining regulatory approvals. The transaction has been approved by the Board of Directors of Uni-Select.
