Uni-Select Inc. Announces Closing of $103.5 Million Offering to Help Fund FinishMaster Acquisition

Uni-Select Inc. has announced that it has closed its previously announced prospectus offering of a combination of subscription receipts and extendible convertible unsecured subordinated debentures to fund a portion of its previously announced acquisition of FinishMaster, the largest independent distributor of automotive paints, coatings and related accessories in the United States.
The offering was closed with aggregate gross proceeds of $103,525,875, including an over-allotment option exercised in full by the underwriters.
The financing was underwritten by a group led by National Bank Financial Inc. that included RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc. Desjardins Securities Inc., GMP Securities L.P. and Laurentian Bank Securities Inc.
The agreement to acquire FinishMaster is based on a purchase price of approximately US$217 million, including the assumption of an estimated net debt of US$45 million.
On January 5, 2011, FinishMaster’s shareholders approved the transaction and ancillary matters. Closing of the transaction is expected to occur on or about January 11, 2011, subject to the satisfaction or waiver of customary remaining closing conditions.
Uni-Select was advised by National Bank Financial Inc. and legal advice was provided by McCarthy Tétrault LLP and Faegre & Benson LLP. FinishMaster was advised by Citigroup Inc. and legal advice was provided by Barnes & Thornburg LLP.The underwriters were advised by Stikeman Elliott LLP.

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