Uni-Select Inc., a leading distributor of automotive products in Canada and paint and related products in the United States, completed the sale of substantially all of the assets of Uni- Select USA and Beck/Arnley Worldparts to affiliates of Icahn Enterprises L.P.
The deal was originally announced on Feb. 9, 2015 at a purchase price of approximately $340 million. The proceeds of the transaction will be used by Uni-Select to repay its outstanding debt, settle related transaction costs, and to invest in future growth-driven organic and acquisition opportunities.
"We are very pleased by the conclusion of this transaction, which creates optimal conditions for success by Uni-Select. It strengthens our balance sheet and allows us to focus on creating additional value for our shareholders”, said Richard G. Roy, President and Chief Executive Officer of Uni-Select. “Uni-Select is now focused on taking full advantage of the leadership position we hold in our two core business units.”
The sale transaction includes the following assets and employees:
• the activities of Uni-Select USA;
• the activities of Beck/Arnley Worldparts;
• 38 distribution centers and satellite locations;
• 240 corporate stores; and
• approximately 3,500 employees.
In connection with the transaction, a transition agreement is in place to ensure an orderly and smooth transition for employees, customers and suppliers.
Uni-Select retains its FinishMaster automotive paint and related products distribution activities in the U.S., as well as its automotive products distribution in Canada, totaling 13 warehouses and 189 stores operated by over 2,400 employees.
“The sale now puts Uni-Select in an optimal position to accelerate profitable growth in our core markets both organically and through select acquisitions. We will continue to strengthen our leading position in the automotive aftermarket in Canada and extend our lead in the automotive refinish business – such as paint and related products, both in the USA and Canada,” added Henry Buckley, Uni-Select’s Chief Operating Officer.
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