Advance Auto Parts Sells Worldpac to Carlyle for $15 Billion
Deal Marks Major Restructuring Move for Advance Auto Parts
Advance Auto Parts, Inc. has announced the sale of its Worldpac unit to The Carlyle Group for $15 billion. The deal is expected to close in the fourth quarter of 2024.
Key Points:
- Advance Auto Parts sells Worldpac to Carlyle for $15 billion.
- Deal is expected to close in the fourth quarter of 2024.
- Transaction represents a major restructuring move for Advance Auto Parts.
Strategic Rationale for Advance Auto Parts
The sale of Worldpac is part of Advance Auto Parts' strategic plan to focus on its core automotive aftermarket business.
Advance Auto Parts CEO Darren Jackson said, "The sale of Worldpac is a strategic move that will allow us to focus on our core business and continue to invest in our digital capabilities, product assortment, and customer service."
Carlyle's Acquisition Strategy
Carlyle is acquiring Worldpac as part of its strategy to invest in businesses with strong growth potential.
Carlyle Managing Director Pete Stavros said, "Worldpac is a leading provider of automotive aftermarket parts and services, and we are excited to partner with the company's management team to support its continued growth."
Impact on the Automotive Aftermarket
The sale of Worldpac is expected to have a significant impact on the automotive aftermarket industry.
According to a report by Grand View Research, the global automotive aftermarket is expected to reach $1.2 trillion by 2028. The sale of Worldpac will give Carlyle a significant presence in this growing market.
Conclusion
The sale of Worldpac to Carlyle is a major restructuring move for Advance Auto Parts. The deal will allow Advance Auto Parts to focus on its core business and invest in its digital capabilities, product assortment, and customer service. Carlyle is acquiring Worldpac as part of its strategy to invest in businesses with strong growth potential.
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