FinishMaster Inc.’s shareholders this week approved a deal to sell the Indianapolis-based company to a subsidiary of Uni-Select Inc. for $172 million.
The transaction, announced last month, is expected to close Jan. 11. At that time, shareholders will receive $21 in cash per share—a 32-percent premium to the 30-day average price of the thinly traded stock.
Montreal-based Uni-Select distributes automotive replacement parts, equipment, tools and accessories. Its Uni-Select USA Inc. unit is the sixth-largest such business in the United States.
FinishMaster, which handles automotive paints and accessories, is expected to keep its identity within the larger firm, serving the collision-repair market. It will remain headquartered in Indianapolis, the company said Thursday when announcing results of the shareholder vote.
In November, FinishMaster reported third-quarter profit of $3.5 million, up nearly 16 percent from the same period in 2009. For the nine months ended Sept. 30, profit remained flat, at $9.4 million.
FinishMaster operates three major distribution centers and 162 branches in 29 of the country’s largest metropolitan areas. It is controlled by LDI Ltd., a closely held Indianapolis firm chaired by Andre Lacy.