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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 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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By NAPA
ATLANTA, Aug. 19, 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 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 GPC, will continue to serve in an advisory role through September 30, 2024 to support Ms. Hulett during the transition. In her new role, Ms. 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. 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 Mr. 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."
Ms. Hulett joins GPC with a wealth of experience, most recently serving as Executive Vice President and Chief People Officer for Dollar Tree, a $28 billionorganization with 200,000 employees across 16,000 locations. In this role, she oversaw all aspects of HR, as well as internal and external communications and community engagement. Her impressive career also includes executive leadership roles at Core-Mark, Ericsson and General Electric, highlighting her ability to execute talent initiatives within large, global organizations.
"Jim Neill has been a friend to all and an exemplary leader at GPC for nearly two decades, shaping our culture and our people in ways that will continue to benefit us for years to come," said Mr. Stengel. "In particular, his dedication to fostering our unique culture and evolving a supportive work environment have created a lasting legacy. We are grateful for Jim's many contributions and wish him all the best in his well-deserved retirement."
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 announced it continues to expand its footprint with general repair products now available at the Transtar Aftermarket Solutions location in Orlando, Florida. Transtar has been in the Orlando market over 30 years offering transmission and driveline parts to automotive repair shops. Customers can now expect to see an extensive product line with over 11,000 new parts being added to inventory and ready to serve current and new partners, NMG said. NMG added it “began executing massive expansion plans in 2023 through acquisitions, new product lines for existing Transtar locations and opening new stores in new markets.” The Orlando store is the seventh expansion for
link hidden, please login to view in 2024. Earlier this year, the company announced new or expanded product lines in the following markets:
-Tampa, Florida
-Edison, New Jersey
-Plainview, New York
-Levittown, Pennsylvania
-Fort Worth, Texas
-Dallas, Texas
With access to both general repair and transmission parts, Transtar Aftermarket Solutions is “providing customers a truly unique product offering that simplifies complex vehicle repair to keep the world moving,” NexaMotion Group said in a news release announcing the recent expansion.
Neil Sethi, CEO of NexaMotion Group, says to expect more locations to be announced. “This has been an exciting time for NMG as we continue to grow and expand our store locations, and we are just getting started. There is more to come as we integrate general repair and transmission parts into one location to better serve our customers and keep the world moving. We want to reinforce NexaMotion’s strategic position in the automotive aftermarket industry, consistently embracing new opportunities and customer partnerships.”
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