Uni-Select sells U.S. auto parts business for US$340M
February 11, 2015 by Alyssa Dalton
Feb. 10, 2015 – Uni-Select has reached an agreement to sell its U.S. automotive parts distribution business to an affiliate of Icahn Enterprises for US$340 million.
The deal includes Beck/Arnley Worldparts, but excludes the Quebec-based company’s paint distribution business, FinishMaster, and its Canadian automotive parts operations. Nearly 3,000 employees, 39 distribution centres and 240 corporate stores are included in the transaction.
Uni-Select said it will use proceeds from the sale to repay its debt and focus on its Canadian and U.S. paint operations. It expects to incur an after-tax loss of $80 million to $100 million in the first quarter.
Icahn Enterprises is a diversified holding company that controls companies with more than US$20 billion of assets in the investment, automotive, energy, gaming, rail car, food packaging, metals, real estate and home fashion sectors.
— With files from The Canadian Press