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LKQ Corporation Announces 10% Increase to its Quarterly Dividend and $1 Billion Increase to its Stock Repurchase Program (aggregate authorization now $3.5 Billion through October 2025)
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By Counterman
The
link hidden, please login to view is calling on its members and the wider auto care community to take immediate action in the fight for the right to repair with the launch of the “#RighttoRepair, RIGHT NOW” challenge. The initiative encourages every member to send a new letter to their legislator, demanding swift action on Right to Repair legislation. The challenge is designed to amplify the voices of consumers and industry professionals alike, ensuring that their message reaches the halls of Congress. As part of the challenge, participants are asked not only to urge their legislators to pass H.R. 906, “The REPAIR Act,” but also to spread the word by tagging three colleagues, friends or industry peers on social media, urging them to do the same.
Here’s how to participate in the #RighttoRepair, RIGHT NOW challenge in three steps:
Send a New Letter: Visit repairact.com to send our updated letter to your legislator. Take a Selfie: Take a selfie featuring a message that you took action. Post about your action on social media, using the hashtag #RighttoRepair. Tag More People: Challenge three others to do the same by tagging them directly in your post. “As summer comes to a close and Congress picks back up from its August recess, it is now a critical moment for us to make as much noise as possible on the right to repair issue to capture the attention of our elected officials,” said Bill Hanvey, president and CEO,
link hidden, please login to view. “We want to make sure Congress knows how important right to repair is to the American people, and one of the best ways to capture their attention is through grassroots efforts like the ‘#RighttoRepair, RIGHT NOW’ challenge. In the shadow of an election that is less than 100 days away, I ask that all members of our industry partake in this social media campaign with us to keep this fight for the right to repair alive on Capitol Hill.” The Auto Care Association provides all the resources necessary to participate in this campaign, including letter templates, legislator contact information, and
link hidden, please login to view. You can get started by visiting link hidden, please login to view today and sending a new letter. The post
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By Counterman
link hidden, please login to view. announced that it has entered into a definitive agreement to sell link hidden, please login to view, to funds managed by global investment firm Carlyle for $1.5 billion in cash. The transaction is expected to close before the end of the year. “We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. “The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at
link hidden, please login to view, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.” “We are excited to partner with Worldpac, a great business operating in attractive markets,” said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle’s Global Industrials investing team. “Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company.” Carlyle’s investment in Worldpac builds on the firm’s extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.
Transaction Details
Over the last 12 months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA. Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees. The post
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By APF
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced that it has entered into a definitive agreement to sell Worldpac, Inc., an automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction is expected to close before the end of the year.
“We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. "The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at Advance, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.”
"We are excited to partner with Worldpac, a great business operating in attractive markets," said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle's Global Industrials investing team. "Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company." Carlyle's investment in Worldpac builds on the firm's extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.
Transaction Details
Over the last twelve months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA. Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees. Centerview Partners is serving as financial advisor and Hogan Lovells US, LLP, is serving as legal advisor to Advance on the transaction. BofA Securities is acting as lead financial advisor to Carlyle and BMO Capital Markets is also acting as a financial advisor to Carlyle. Latham & Watkins is serving as legal advisor to Carlyle.
Investor Conference Call
As previously announced, the company has scheduled a webcast to begin at 8 a.m. Eastern Time today, to discuss results for the second quarter ended July 13, 2024. During the webcast, the company will provide additional information on the Worldpac transaction. The webcast will be accessible via the Investor Relations page of the company's website (ir.AdvanceAutoParts.com).
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of July 13, 2024, Advance operated 4,776 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,138 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at
link hidden, please login to view . About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at
link hidden, please login to view . Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group. Forward-Looking Statements
Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the sale of Worldpac, including statements regarding the benefits of the sale and the anticipated timing of closing, the expected use of proceeds and expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of the industry, demand for the company’s products and services, the company’s ability to consummate the sale of Worldpac on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy the other conditions to the closing, the company’s use of proceeds and ability to maintain credit ratings, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business. Please refer to “Item 1A. Risk Factors” of the company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company's subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
Investor Relations Contact:
Lavesh Hemnani
T: (919) 227-5466
E: [email protected]
Media Contacts:
Darryl Carr
T: (984) 389-7207
E: [email protected]
Carlyle
Brittany Berliner, (212) 813-4839
[email protected]
Source: Advance Auto Parts, Inc.
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By NAPA
ATLANTA, Aug. 20, 2024 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global service provider of automotive and industrial replacement parts and value-added solutions, announced today its Board of Directors declared a regular quarterly cash dividend of one dollar ($1.00) per share on the company's common stock. The dividend is payable on October 1, 2024to shareholders of record on September 6, 2024.
About Genuine Parts Company
Established in 1928, Genuine Parts Company is a leading global service provider of automotive and industrial replacement parts and value-added solutions. Our Automotive Parts Group operates across the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal, while our Industrial Parts Group serves customers in the U.S., Canada, Mexico and Australasia. We keep the world moving with a vast network of over 10,700 locations spanning 17 countries supported by more than 60,000 teammates. Learn more at
link hidden, please login to view. SOURCE Genuine Parts Company
For further information: Investor contact: Timothy Walsh, (678) 934-5349, Senior Director - Investor Relations , Media contact: Heather Ross, (678) 934-5220, Vice President - Strategic Communications
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By Counterman
link hidden, please login to view (GPC) announced that Jenn Hulett joined GPC as executive vice president and chief people officer, effective August 19, 2024. Jim Neill, who previously announced his retirement from link hidden, please login to view, will continue to serve in an advisory role through September 30, 2024, to support Hulett during the transition. In her new role, Hulett will be responsible for GPC’s global human resources operations and will play a key role in advancing the company’s talent and culture initiatives, GPC said. She will report to Will Stengel, president and chief executive officer.
“We are pleased to welcome Jenn Hulett as GPC’s next global people leader,” said Stengel. “Jenn is a seasoned executive with a proven track record of success. Her passion for developing people and culture, driving positive change and delivering results will strengthen our One GPC approach and make her a valuable addition to our global executive leadership team. We look forward to Jenn’s contributions to GPC’s continued evolution.”
Hulett most recently served as executive vice president and chief people officer for Dollar Tree. Her career also includes executive leadership roles at Core-Mark, Ericsson and General Electric.
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