INDIANAPOLIS, Ind. – The board of directors at FinishMaster has approved an agreement for the company to be acquired by a subsidiary of Uni-Select Inc.

The purchase price is based on an enterprise value of approximately $217 million, less approximately $45 million of net debt and certain transaction costs. The acquisition will be structured as a merger in which the shareholders of FinishMaster will receive $21 in cash, without interest, per share, representing a premium of approximately 32 percent of the 30-day trailing average share price of FinishMaster.

"We are delighted to be partnered with one of the leading North American automotive replacement parts distributors. By bringing together two companies with complementary product portfolios and common corporate values, this transaction enables us to become the premier ‘one-stop shop’ for body shops in North America. Combining the industry expertise of our two management teams will allow us to further penetrate the market and expand our customer base creating opportunities for FinishMaster associates as well as our suppliers," said J.A. Lacy, president and CEO of FinishMaster.

"The acquisition of FinishMaster represents a unique opportunity for Uni-Select to expand its scale in the U.S., enter a complementary market as a leader and enhance its product offering," said Richard Roy, president and CEO of Uni-Select. "This transaction fits in perfectly with our business plan by significantly expanding our presence in the U.S. Although Uni-Select already distributes paint products, this acquisition will immediately improve the quality and breadth of our offering."

FinishMaster will remain a distinct entity within Uni-Select, serving the collision repair market. Its headquarters will remain in Indianapolis, Ind.