|By Marketwired .||
|March 4, 2014 07:25 PM EST||
BOUCHERVILLE, QUEBEC -- (Marketwired) -- 03/04/14 -- Uni-Select Inc. (TSX: UNS), a major distributor of replacement parts and paint products for motor vehicles in North America, is pleased to announce today that its subsidiary Uni-Select USA, Inc. has signed an agreement to acquire substantially all the assets of J.K. Distributors, Inc. This transaction, subject to usual conditions and expected to close on March 17, 2014, will complement and strengthen Uni-Select's activities on the East Coast.
J.K. Distributors, Inc. is involved in the wholesale distribution of automotive replacement parts, maintenance items and accessories and was established in 1971. J.K. Distributors' team of 150 employees serves a clientele of service centers and fleet accounts from its warehouse and 9 corporate stores located in Virginia.
"This strategic acquisition will bring significant value to our activities. We will combine the acquired assets and expertise of J.K. Distributors to the activities of our newly inaugurated distribution center in the Washington, D.C. area to offer our new customers access to highly efficient services and access to a wide array of products. This acquisition will further leverage recent investments made to our network and systems and will provide attractive synergy opportunities," said Brent Windom, President and Chief Operating Officer, Automotive USA at Uni-Select.
"Our team was very successful in the past months in optimizing our operations. Their commitment and efforts allowed Uni-Select to be positioned for solid and sustainable growth. Our industry continues to consolidate and we intend to capitalize on this trend while continuing to deliver solid results and preserving our healthy financial position. We welcome this consolidation opportunity that will contribute to the strengthening of our presence on the U.S. East Coast," added Mr. Windom.
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools, accessories, paint and related products for motor vehicles in North America. A leader in the Canadian industry, Uni-Select is the 5th largest distributor in the United States and the leading independent distributor of automotive paint and related products in the country. With its 5,500 employees, Uni-Select efficiently services a wide network of independent installers and wholesalers, including over 6,600 that operate under one of its banner programs in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release may include some forward-looking information, which could include certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.