Uni-Select Updates 2018 Guidance and Review of Strategic Alternatives
September 18, 2018—Uni-Select is revising its previously disclosed guidance and also announces the formation of a special committee of independent members of the board of directors to oversee a review of strategic alternatives.
Uni-Select is revising its previously disclosed guidance as follows: While FinishMaster's organic sales growth is trending positively, it is no longer expected to reach the level previously indicated for the full year. As a result, FinishMaster's expected full year 2018 organic sales growth is revised down from 2 percent-4 percent to 0.5 percent‑2 percent.
Uni-Select also announces the formation of a special committee of independent members of the board of directors to oversee a review of strategic alternatives. The special committee has a mandate to work with the board of directors and management to identify, review, analyze and evaluate strategic alternatives. J.P. Morgan Securities LLC and Fasken Martineau DuMoulin LLP have been engaged as financial advisor and legal counsel, respectively, to the board of directors and the special committee in connection with this process.
Uni-Select has not set a definitive schedule to complete the review of strategic alternatives. Given the nature of the process, the corporation does not intend to provide updates until such time as the board of directors approves a definitive transaction or strategic alternative, or otherwise determines that further disclosure is appropriate. There are no guarantees that the review of strategic alternatives will result in a transaction, or if a transaction is undertaken, as to its terms or timing.