Dec 10, 2010
FinishMaster's Board of Directors approved an
agreement for the company to be acquired by a subsidiary of
Uni-Select, 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% 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, Ind.
For more information visit www.uniselect.com/eng/.
