Canadian automotive parts distributor Uni-Select Inc., the fifth-largest in North America, has reached agreement to sell its U.S.-based business to an affiliate of Icahn Enterprises L.P. for US$340 million.
The deal includes 39 distribution centers and 240 corporate stores, employing close to 3, 000 people.
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Diversified holding company Icahn Enterprises controls outfits worth more than $20 billion, in the investment, automotive, energy, gaming, rail car, food packaging, metals, real estate and home fashion sectors.
“With the advent of the bull market over the last five years, it has become increasingly difficult to find companies that we believe to be undervalued and with growth potential. That is why we were happy when we learned that the United States segment of Uni-Select was available, ” said Icahn Enterprises chairman Carl Icahn.
The newly bought company will be run separately from Icahn’s existing automotive products subsidiary, Federal-Mogul Holdings Corp.
