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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 shelitaauto
Source: Gasgoo
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link hidden, please login to view Cathie Wood of Ark Investment Management said Tesla’s move into the more profitable business of self-driving taxi platforms would boost its share price by about 10 times. That echoes years of optimism about Tesla’s self-driving business.
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Wood believes the self-driving taxi ecosystem will be worth $8 trillion to $10 trillion globally, with platform providers such as Tesla taking half of that. Speaking on the Tiger Money podcast, Wood revealed that investors are shifting the way they value Tesla, not just as an electric car maker, but also the potential of its self-driving taxis. Wood said: “The autonomous taxi platform is the fastest growing AI project today, and Ark is primarily valuing it based on Tesla’s autonomous driving potential. If we’re right, there’s plenty of room for Tesla’s stock price to grow.” Optimism over Tesla’s efforts to bring self-driving taxis to market has helped its shares recover a 43 per cent fall in the year to April 22. Wood said the self-driving taxi network will provide A “winner-takes-all” opportunity, with providers that can get passengers from point A to point B in the safest and fastest way winning the lion’s share of business. She added that autonomous taxi network providers will be able to capture 30 to 50 percent of the revenue generated by fleet owners on the platform, resulting in “growing explosive cash flows” and profit margins of more than 50 percent. This is different from the “make and sell” or “one-off” business model of traditional car manufacturing. “We think people are missing that: the size of the opportunity, the speed of expansion, and how profitable it will be,” Wood said. She expects Tesla to dominate the U.S. self-driving taxi market. Last week, Tesla had a weighting of more than 15% in the $6.5 billion Ark Innovation ETF. Wood said the fund has taken some profits off Tesla, allowing the stock to trade above its normal cap because they believe Tesla is about to reveal more information about its self-driving taxi project. According to a Bloomberg report on July 18, Tesla has delayed the launch of its self-driving taxi by two months to October, originally scheduled for August, to give the team more time to produce more prototypes. The news sent Tesla shares down 8.4%, their biggest one-day drop since January. But Wood doesn’t mind. “We may be closer to the self-driving taxi opportunity than we are further away, and Musk may want to do better and think it is possible by October,” Wood said. Fang’s valuation model does not yet take into account Tesla’s potential in China or in humanoid robotics and energy storage. In April, Tesla, which reached a mapping and navigation deal with Chinese tech giant Baidu Inc and met data security and privacy protection requirements, has already received approval in principle from Chinese officials to deploy its self-driving assistance system to China, the world’s largest auto market. -
By Counterman
link hidden, please login to viewannounced the return of its “Fuel Your Summer Fun” contest, which can be found on both the link hidden, please login to view and link hidden, please login to view Facebook pages. “Every summer, we try to provide a little fun for our Facebook friends with a chance to win in our Federated ‘Fuel Your Summer Fun’ contest,” said Phil Moore, senior vice president, Federated Auto Parts. “We will announce four lucky winners of a $50 gift card on the last two Fridays in July and the first two Fridays in August. Plus, one grand prize winner of a $500 gift card will be announced on Aug. 16.”
To enter, visit
link hidden, please login to viewon Facebook, click on the special Fuel Your Summer Fun contest link and complete the entry form. Each Friday through Aug. 9, Federated will announce four randomly selected winners of a $50 gift card on its Federated Auto Parts and Federated Car Care Facebook platforms. On Friday, Aug. 16, one grand-prize winner of a $500 gift card will be announced. The post
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