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Uni-S�lect Inc.: Uni-Select Completes the Purchase of its Minority Shareholders

^{Published on 2009-10-09 10:38:20 - Market Wire}
 

BOUCHERVILLE, QUEBEC--(Marketwire - Oct. 9, 2009) - Uni-Select (TSX:UNS) announces that minority shareholders of its subsidiary Uni-Select USA, have tendered 100% of their shares, overwhelmingly accepting the terms of the offer to purchase submitted late in the month of August 2009. The event is significant as a number of the minority shareholders have been involved with and have supported Uni-Select since its initial foray in the United States in 1998. This transaction represents an investment of 44.8 million dollars being the consideration paid to the minority shareholders that held close to 13% of the stock of Uni-Select USA.

"Shareholders holding close to 3% of the stock are also customers of Uni-Select and have, in a number of instances, indicated their preference to retain their holdings, Uni-Select USA having enjoyed significant growth; nonetheless as these members of the Uni-Select Network sold their stock, they maintained their commitment to purchase automotive products from Uni-Select. We view these developments as a vote of confidence and we will remain true to our mission statement to grow Uni-Select into one of North America's leading automotive and related product distribution organization and to achieve this goal we will remain focused on being a customer driven organization" commented Richard G Roy, President and Chief Executive Officer of the Company.

As Uni-Select USA will be a wholly owned subsidiary, the non-controlling interest (related to Uni-Select USA) recorded by Uni-Select will be eliminated, resulting in immediate accretion to its net earnings per share. As illustration, over the trailing twelve month period, Uni-Select would have added between $0.12 to $0.15 per share to its net earnings had it been the sole shareholder of its subsidiary.

Unless otherwise indicated, all amounts specified in this release are in Canadian dollars.

Uni-Select is a Canadian leader in the distribution of automotive replacement parts, equipment, tools and accessories and, through Uni-Select USA, Inc., the Company also provides services to customers in the United States where it is the 7th largest distributor. The Uni-Select NetworkTM includes over 2,500 independent jobbers and services 3,500 points of sale in North America. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the TMX.

Certain statements made in this press release contain forward-looking statements which, by their very nature, include risks and uncertainties, such that actual results could differ from those indicated in those forward-looking statements. For additional information with respect to the risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. Unless required to do so pursuant to applicable securities legislation, Uni-Select assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.