Leading off this week’s recap, 35-year industry veteran Alan Bostwick has been named new business development and implementation team manager for DMS Systems Corp., a global supplier of integrated, e-commerce Supply Chain Solutions for automotive, heavy duty, RV and marine parts distribution. In addition to business development and implementation management, Bostwick also will be responsible for managing DMS’ relationship with major industry program groups within the automotive sector and will work from the DMS corporate headquarters in Rocky Mount, N.C. Bostwick has held executive positions in sales, marketing, supply chain and IT management at Moog/Cooper Automotive, Delco Remy, Parts Plus HQ, Parts Depot Inc. and Auto Supply Co.
In news from the distribution segment, Federated member Motown Automotive has opened a new, 115,000-square-foot distribution center in Farmington Hills, Mich. In addition to the distribution center, the new facility also will house the company’s corporate offices and will be the home base for 50 of the company’s 200 employees. Family owned and operated, Motown has 12 locations in Ann Arbor, Brighton, Grand Rapids, Lansing, Plymouth, Southfield, Sterling Heights, Taylor, Troy, Waterford and two locations in Farmington Hills. The company said several events are being planned for spring, to celebrate the opening of the new facility.
Exeter, Pa.-based specialty equipment distributor Keystone Automotive Operations has reached an agreement with majority note holders Platinum Equity LLC and Littlejohn & Co. on a recapitalization transaction that would reduce Keystone’s outstanding indebtedness by approximately $295 million. Under the terms of the transaction, Keystone’s existing $175 million Senior Subordinated Notes would be converted into new equity. As part of the agreement, the majority holders have agreed to backstop a $60 million rights offering and Bank of America, N.A. has committed to provide a new asset-based revolving credit facility.
In other top news this week, Activant has developed the new ItemExpert eCat to help retail professionals throughout the U.S. and Canada quickly and easily look up and sell any of thousands of products not covered by Activant’s PartExpert eCatalog of application-specific parts. Suppliers of non-application and universal parts and related items are invited to include their product data at no charge in the new eCat. For details on the categories included and how to submit information for inclusion, click here.
Last but certainly not least, Uni-Select this week announced that it had finalized its acquisition of Indianapolis-based FinishMaster Inc., making Uni-Select the largest independent distributor of automotive paints, coatings and accessories (PBE) in North America. The acquisition was based on a purchase price of approximately $210 million (USD), including the assumption of an estimated $45 million in net debt. Uni-Select has also announced the closing of new unsecured credit facilities for a 5-year term comprised of a $200 million long-term facility and a $200 million revolving credit facility. A portion of the proceeds was used to finance Uni-Select’s acquisition of FinishMaster. The remainder of the credit will be used to finance Uni-Select’s working capital and ongoing business development.
