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Letter to the Editor
Friday December 10
Uni-Select to Acquire FinishMaster
FinishMaster, Inc. has announced that its Board of Directors has approved an agreement for the company to be acquired by a subsidiary of Uni-Select, Inc. a leader in the distribution of automotive replacement parts, equipment, tools, and accessories, with North American revenues in excess of $1.3 billion.The purchase price is based on an enterprise value of approximately $217 million, less approximately $45 million of net debt and certain transaction costs. This acquisition will be structured as a merger in which the shareholders of FinishMaster will receive $21 in cash, without interest, per share, representing a premium of approximately 32 percent to the 30-day trailing average share price of FinishMaster.
“We are delighted to be partnered with one of the leading North American automotive replacement parts distributors. By bringing together two companies with complementary product portfolios and common corporate values, this transaction enables us to become the premier “one-stop shop” for body shops in North America. Combining the industry expertise of our two management teams will allow us to further penetrate the market and expand our customer base creating opportunities for FinishMaster associates as well as our suppliers,” said J.A. Lacy, President and CEO of FinishMaster.
“The acquisition of FinishMaster represents a unique opportunity for Uni-Select to expand its scale in the U.S., enter a complementary market as a leader and enhance its product offering,” said Richard Roy, President and CEO of Uni-Select. “This transaction fits in perfectly with our business plan by significantly expanding our presence in the U.S. Although Uni-Select already distributes paint products, this acquisition will immediately improve the quality and breadth of our offering.”
FinishMaster will remain a distinct entity within Uni-Select serving the collision repair market. Its headquarters will remain in Indianapolis, Indiana.
Founded in 1968, FinishMaster is the largest U.S. independent distributor of automotive paints, coatings and related accessories to the automotive collision repair industry. The Company is headquartered in Indianapolis, Indiana, and operates three major distribution centers and 162 branches in 29 of the 50 largest metropolitan areas in the country.
Founded in 1968, Uni-Select(TM) is a Canadian leader in the distribution of automotive replacement parts, equipment, tools, and accessories. Uni-Select USA, Inc., a subsidiary of the Company, provides services to customers in the United States, where it is the sixth largest distributor. The Uni-Select Network(TM) includes over 2,500 independent jobbers and services 3,500 points of sale in North America. Uni-Select is headquartered in Montreal, Canada.
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