LKQ Corporation has acquired refinishing and coatings distributor Uni-Select Inc. and its FinishMaster subsidiary in a transaction with a total enterprise value of $2.1 billion, the companies announced in a press release.
The deal brings together one of the aftermarket’s largest parts providers in LKQ and Uni-Select, which operates the FinishMaster brand across North America and is a parts distributor throughout its home base of Canada and in the United Kingdom. The company operates 145 FinishMaster brand stores in the U.S., serving 30,000 customers each year. LKQ anticipates advantages to tapping into FinishMaster’s existing network and expanding the company’s current offerings.
“This acquisition further enhances LKQ’s global automotive vehicle parts distribution business,” said Dominick Zarcone, president and CEO of LKQ, via the press release. “Uni-Select’s North American automotive refinish paint and mechanical parts distribution operations complement LKQ’s existing footprint and will allow us to distribute a broader array of products to our customers.”
For Uni-Select, which employs 5,200 people across its markets, the deal is expected to add to its resources in what it is able to offer to customers.
“The transaction offers compelling value and liquidity to our shareholders and is the culmination of the efforts by our dedicated team to improve our operations and drive efficiencies with a focus on excellent customer service,” said Uni-Select Executive Chair and CEO Brian McManus. “We see great opportunities to benefit our customers, employees, suppliers and brands by combining our complementary strengths within the larger, multi-disciplinary and growing LKQ team.”