The board of directors at FinishMaster has approved an agreement for the company to be acquired by a subsidiary of Uni-Select Inc.

The purchase price is based on an enterprise value of approximately $217
million, less approximately $45 million of net debt and certain
transaction costs. The acquisition will be structured as a merger in
which the shareholders of FinishMaster will receive $21 in cash, without
interest, per share, representing a premium of approximately 32 percent
of the 30-day trailing average share price of FinishMaster.

"We’re delighted to be partnered with one of the leading North American
automotive replacement parts distributors," said J.A. Lacy,
president and CEO of FinishMaster. "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. Combining the industry expertise
of our two management teams will allow us to further penetrate the
market and expand our customer base creating opportunities for
FinishMaster associates as well as our suppliers." 

Added Richard Roy,
president and CEO of Uni-Select, "The acquisition of FinishMaster represents a unique opportunity for
Uni-Select to expand its scale in the U.S., enter a complementary market
as a leader and enhance its product offering. This transaction fits in perfectly
with our business plan by significantly expanding our presence in the
U.S. Although Uni-Select already distributes paint products, this
acquisition will immediately improve the quality and breadth of our
offering."

FinishMaster will remain a distinct entity within Uni-Select, serving
the collision repair market. Its headquarters will remain in
Indianapolis, Ind.