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FinishMaster to be acquired in $172M deal

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Indianapolis-based FinishMaster Inc. announced late Thursday it will be acquired by a unit of Uni-Select Inc.of Canada for $172 million.

The distributor of automotive paints and accessories will retain its identity within the larger firm, serving the collision-repair market. FinishMaster also will keep its existing management team and headquarters downtown.

Uni-Select, which reported North American revenue of $1.3 million last year, distributes automotive replacement parts, equipment, tools and accessories. Its Uni-Select USA Inc. subsidiary is the sixth-largest distributor in the United States.

“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,” FinishMaster CEO J.A. Lacy said in a prepared statement.

The Indianapolis company had suffered during the recession and its aftermath from vehicles being driven fewer miles, resulting in fewer accidents and a diminished need for paint for repairs.

Last month, company 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.

The company said the purchase price was based on an enterprise value of about $217 million, less $45 million in debt and transaction costs. FinishMaster shareholders will receive $21 cash per share—a 32 percent premium to the 30-day average share price of the thinly traded stock.

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.

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  • Incorrect revnue
    Uni-Select's Automotive Group USA 2009's sales were actually $884+ million.

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  1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

  2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

  3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

  4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

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