The Carlyle Group Inc.
11/04/2024 | Press release | Distributed by Public on 11/04/2024 07:02
Carlyle Completes Worldpac Acquisition from Advance Auto Parts
CHICAGO, IL, November 4, 2024 - Worldpac, Inc. is announcing the completion of its acquisition by Carlyle (NASDAQ: CG), a global investment firm, from Advance Auto Parts, Inc. (NYSE: AAP). This strategic move marks a significant milestone for Worldpac, positioning the company for enhanced growth and innovation.
Effective immediately, John Hamilton is appointed as the new President and CEO of Worldpac. Hamilton brings a wealth of experience across a variety of industries, having served as President and CEO at Veyance Technologies, Electro-Motive Diesel, and the Tokheim Corporation, as well as Executive Chairman of the Board at EDAC Technologies and Nordco Inc. Hamilton has also been an advisor to Carlyle for several years.
As part of this leadership transition, Bob Cushing, currently serving as President of Worldpac, will assume the role of Strategic Advisor. "I want to extend my thanks to Bob for his leadership and vision," Hamilton said. "His guidance has been instrumental in shaping Worldpac's important role in the industry and I look forward to working closely with him as Strategic Advisor."
"I want to thank the Carlyle team for recognizing Worldpac's achievements and potential with their investment in Worldpac's future. Carlyle's investment will accelerate Worldpac's growth and continued focus on delivering 'The Right Part at the Right Time'," said Cushing.
"We are thrilled to invest in Worldpac," said Wes Bieligk, Partner at Carlyle. "Worldpac is a great business, and we are confident that our experience in the automotive aftermarket and with industrial carve-outs will support its growth as an independent company. We look forward to supporting John and the Worldpac team in achieving its strategic goals and unlocking its full potential."
Forward-Looking Statements
Certain statements in this release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations regarding the benefits of the sale, the anticipated timing of closing, and the expected use of proceeds. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to Advance Auto Parts' most recent Annual Report on Form 10-K filed with the SEC for a description of these risks.
For further information, please contact:
Carlyle
Brittany Berliner
(212) 813-4839
Worldpac
Jay Potter
(800) 888-9982
About Carlyle:
Carlyle (NASDAQ: CG) is a global investment firm with $435 billion of assets under management as of June 30, 2024. Carlyle operates through three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. The firm employs over 2,200 people across 29 offices worldwide. For more information, visit www.carlyle.com.
About Worldpac:
Worldpac is a leading distributor of original equipment automotive replacement parts, serving the independent automotive repair community with over 160,000 part numbers from 45+ import and domestic car manufacturers. With over 100 facilities in North America, WORLDPAC ensures fast delivery and superior service, complemented by their speedDIAL ordering software, training programs, and technical support. For more information, visit www.worldpac.com.