Uni-Select operates over 145 FinishMaster stores in the U.S. and serves Canadian auto and collision repair shops from more than 1,000 independent and 95 company operated stores.
LKQ Corporation (NASDAQ:LKQ) and Uni-Select Inc. (TSE: UNS) today announced the completion of the previously-announced acquisition of Uni-Select by 9485-4692 Québec Inc., a wholly-owned subsidiary of LKQ.
In February, LKQ and Uni-Select Inc. (TSE:UNS) announced that they entered into a definitive agreement for LKQ to acquire all of Uni-Select’s issued and outstanding shares for CA$48.00 ($35.41) per share in cash, representing a total enterprise value of approximately CA$2.8 billion ($2.1 billion).
With over 5,200 employees in Canada, the U.S. and the U.K., Uni-Select is a leader in the distribution of automotive refinish and industrial coatings and related products in North America, as well as a leader in the automotive aftermarket parts business in Canada and in the U.K.
In Canada, Uni-Select supports over 16,000 automotive repair and collision repair shops and more than 4,000 shops through its automotive repair/installer shop banners and automotive refinish banners. Its network includes over 1,000 independent customer locations and more than 95 company-operated stores, many of which operate under the Uni Select Bumper to Bumper, Auto Parts Plus and FinishMaster store banner programs.
In the United States, Uni-Select, through its wholly-owned subsidiary FinishMaster, Inc., operates over 145 automotive refinish company-operated stores under the FinishMaster banner, that support over 30,000 customers annually.
LKQ said when the acquisition was announced in February that it would divest Uni-Select’s GSF Car Parts UK business given the overlap with its existing Euro Car Parts unit. LKQ, through Euro Car Parts, and Uni-Select, through GSF Car Parts, operate over 400 locations between them in the UK.
Last week, the two companies announced that LKQ had waived the receipt of UK merger clearance for the acquisition and announced the August 1 target date to complete the transaction.