AutoChoice Parts & Paints Ltd. and Robert K. Buzzell Ltd. have entered into a definitive share purchase agreement in which AutoChoice will acquire the outstanding shares of the automotive division of Buzzell’s.
The acquisition of Buzzell’s Auto Parts expands the number of AutoChoice locations from eight to 18, servicing all four Atlantic Canadian provinces.
Furthermore, it marks AutoChoice’s first foray into the New Brunswick and Prince Edward Island markets.
According to a press release from the companies, AutoChoice will become the leader in the Atlantic Canadian aftermarket automotive industry.
“We are delighted to add Buzzell’s Auto Parts to the AutoChoice family,” said Bahram Mirzaagha, president of AutoChoice. “The Buzzell family has worked tirelessly over the last 92 years to create a jobber platform that, like ours, works with its customers, employees and suppliers to deliver top-tier performance to all of its partners. Now with locations servicing New Brunswick, Newfoundland, Nova Scotia and Prince Edward Island, we look forward to building on the formidable work that both entities have achieved to date and creating a truly Atlantic Canadian champion.”
“We are pleased to enter into this agreement with AutoChoice,” said Robert K. Buzzell, president of Buzzell’s. “We believe that, as an independent jobber like ourselves, AutoChoice will continue building on the success that our family has achieved over the last nine decades. I want to thank all of our employees who, through their hard work and dedication, have helped to create a leading franchise.”
Upon completion of the transaction, Robert Buzzell will be supporting AutoChoice’s management team during the integration.
“I am pleased to be passing the torch of our automotive division on to a fellow independent Atlantic Canadian jobber and have full confidence that AutoChoice will continue to meet the same standards of excellence that we have prided ourselves upon since inception,” he said. “Our plan for Robert K. Buzzell Limited is to concentrate our efforts on expanding our small engine division, Atlantic Air Cooled Engines, as well as investigating the possibility of opening a fee warehouse in the Moncton area. I think this is a tremendous opportunity for both companies to grow their respective businesses.”
The agreement is subject to customary closing conditions, including satisfactory completion of due diligence.