Uni-Select Inc. announced today that it has entered into a definitive agreement to acquire Maslack Supply Limited and related real properties, expanding its presence in Ontario, Canada.
Family-owned and operated, Maslack was founded in 1959 and has grown to include 13 locations across northern Ontario, over 200 dedicated employees, and over CA$52 million dollars ($42.4 million) of revenue for its fiscal year ended January 31, 2022. Following the transaction, Maslack’s core management will remain in place and will keep leading operations.
“We are very pleased to be announcing the acquisition of Maslack, the most significant acquisition for Uni-Select since we began our turnaround in Q2 of 2021. The transaction represents a meaningful growth avenue for the Canadian Automotive Group and is evidence of our ability to leverage our solid and improving balance sheet to make sizeable investments to grow our business,” said Brian McManus, Executive Chair and Chief Executive Officer, Uni Select Inc.
“We are honored to carry on the legacy of the Maslack family and happy to expand our footprint in Ontario — Canada’s largest market for automotive aftermarket products. We look forward to welcoming Maslack’s employees to leverage our combined strengths and maintain our high standards and quality of operations,” added Emilie Gaudet, President and Chief Operating Officer, Canadian Automotive Group.
Maslack’s owners expressed their confidence in the company’s next chapter saying, “We are pleased that Uni Select, a Canadian company built on the same entrepreneurial foundations as Maslack, is acquiring our family business and carrying on the legacy of our parents in offering excellent service to our customers throughout Ontario. Uni-Select emerged as the obvious buyer because of our shared customer-first approach and appreciation for employees, which are the front line of our business,” shared Betty Jane Marks and Judy Roy, the daughters of Maslack’s founder, John Maslack.
Uni-Select plans to fund the transaction using amounts available under its credit facility and the transaction is expected to be immediately accretive to Uni-Select’s net earnings. The transaction is expected to close on or about August 2, subject to customary closing conditions. Uni-Select does not expect to make any further announcement regarding the transaction.