AutoChoice Parts & Paints Limited (AutoChoice) has announced that it has entered into a definitive share purchase agreement whereby AutoChoice will acquire all of the outstanding shares of Miramichi Auto Value Inc. (MAV).
The acquisition of MAV expands the number of AutoChoice locations from 17 to 18, servicing all four atlantic provinces.
“We are delighted to add MAV to the AutoChoice family,” said Vafa Mirzaagha, vice-president of AutoChoice. “This acquisition enhances our presence in the Moncton-to-Bathurst corridor of New Brunswick, as we currently have locations in both of those cities, as well as Shediac and St. Antoine.”
“Miramichi is a robust market that we have been eyeing for some time. This bolt-on acquisition presents meaningful growth potential; we are excited to enter this complementary territory. By integrating MAV into AutoChoice’s distribution network, we will achieve significant logistical and operational synergies,” said Mirzaagha.
Joseph Luc Michaud, owner of MAV, and his wife, Angela Cameron, have both entered into employment agreements with AutoChoice. AutoChoice will also retain MAV’s other two employees.
The share purchase agreement remains subject to customary closing conditions, including satisfactory completion of due diligence.
Separately, an affiliate of AutoChoice has entered into a definitive agreement with an affiliate of MAV to purchase the building and land out of which MAV operates, located at 730 Newcastle Boulevard, Miramichi, NB.