>
Carlyle Group to Acquire Advance Auto Parts' Worldpac Unit for $1.5 Billion
Significant Industrial Deal
In a major industrial transaction, the Carlyle Group has agreed to purchase Advance Auto Parts' Worldpac unit for $1.5 billion.
Key Details
- Carlyle Group is a private equity firm.
- Advance Auto Parts is an automotive aftermarket parts supplier.
- Worldpac is a leading distributor of automotive parts to independent repair shops.
Impact on Advance Auto Parts
- The sale of Worldpac will allow Advance Auto Parts to focus on its core aftermarket business.
- The company will use the proceeds from the sale to reduce debt and invest in growth initiatives.
Industry Significance
The acquisition of Worldpac by Carlyle Group is a significant event in the automotive aftermarket industry.
- It marks the first major industrial deal in the sector since the pandemic began.
- The deal is expected to strengthen Carlyle Group's position in the automotive aftermarket.
Additional Information
The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other closing conditions.
Goldman Sachs & Co. LLC acted as financial advisor to Advance Auto Parts, and Cravath, Swaine & Moore LLP served as legal counsel.