- Sales up 1.1% to $419.5 million in Q4 and up 21.0% to $1,752.0 million for 2018, driven by the full-year contribution of The Parts Alliance UK segment and organic growth;
- Consolidated organic growth(1) of 2.3% in Q4 and 1.5% for 2018 with organic growth(1) in all 3 segments for the 2018 full year;
- EBITDA(1) of $12.8 million for Q4 and $104.9 million for 2018; adjusted EBITDA(1) of $21.4 million for Q4, down 23.4% and of $119.5 million for 2018, up 1.7%;
- EPS of $(0.06) for Q4 and of $0.86 for 2018, adjusted EPS(1) of $0.13 for Q4 and $1.22 for 2018;
- Launched a Performance Improvement and Rightsizing Plan of the FinishMaster US segment operations with expected annualized savings of $10 million by the end of 2019 in response to changing market conditions.
- Continued to generate savings from the 25/20 Plan implemented in late 2017.
- Initiated search for a new President and CEO.
Unless otherwise indicated in this press release, all amounts are expressed in thousands of US dollars, except per share amounts and percentages.
Boucherville (Québec), February 20,2019 – Uni-Select Inc. (TSX:UNS) (“Uni-Select” or “Corporation”) today reported its financial results for the fourth quarter and the year ended December 31, 2018.
Uni-Select is reporting 2018 sales of $1,752.0 million compared to 2017 sales of $1,448.3 million driven by the full-year contribution of The Parts Alliance UK segment and the strength of organic growth in all three business segments. The Corporation reported adjusted 2018 EBITDA of $119.5 million compared to adjusted 2017 EBITDA of $117.5 million, an increase of 1.7%. Fourth quarter adjusted EBITDA was $21.4 million, down 23.4% from $28.0 million in the fourth quarter 2017. Adjusted earnings per share for the 2018 year amounted to $1.22 versus adjusted earnings per share of $1.32 in 2017.
“Uni-Select’s Board of Directors and management are aligned with shareholders in the common goal of enhancing long-term value. Over the past year, we have pursued and delivered on several parallel initiatives aimed at improving operating and financial performance of the Corporation, such as our 25/20 Plan which has provided favourable results. We intend to build on this success,” stated André Courville, Interim President and CEO of Uni-Select. “While 2018 was a year in which we faced challenges, we generated higher sales and adjusted EBITDA, primarily related to The Parts Alliance acquisition and cost savings from our 25/20 Plan. Our adjusted EBITDA margins nevertheless remained under pressure in the US at FinishMaster.”
“In light of changing market conditions, the Board of Directors, in collaboration with management, also initiated an in-depth review of the US operations along with the development of a broad Performance Improvement and Rightsizing Plan, thereby realigning the business model to adapt to a new market reality and positioning the business for long-term success,” said Michelle Cormier, Chair of the Board of Directors.
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Sales up 13.4% to $448.8 million, driven by the contribution of TPA and organic growth;
Consolidated organic growth(1) of 3.4% with positive organic growth(1) in all 3 segments;
EBITDA(1) of $29.7 million; adjusted EBITDA(1) of $34.9 million, up 3.0%;
EPS of $0.25, adjusted EPS(1) of $0.37, same as 2017;
Launched strategic alternatives review;
2018 guidance reiterated; and
Expanded the 20/20 initiative to at least $25.0 million of recurring cost savings by 2020.
Boucherville (Québec), November 14, 2018 – Uni-Select Inc. (TSX:UNS) today reported its financial results for the third quarter ended September 30, 2018.
“Our third quarter results demonstrated our focus on execution with improved organic sales growth in all our business units, higher adjusted EBITDA and strong cash flow generation. During the quarter, we deleveraged our balance sheet, bringing our funded debt to adjusted EBITDA ratio to 3.1x and we amended and extended our credit facility to increase flexibility,” said André Courville, Interim President and Chief Executive Officer of Uni-Select.
“On September 18, we announced the formation of a Special Committee of independent members of the Board of Directors to oversee a review of strategic alternatives. Since then, the Special Committee and the Board of Directors have had multiple meetings with its advisors and management to identify, review, analyze and evaluate a comprehensive range of alternatives with the goal of maximizing value for our shareholders.”
“We continued to execute on our 20/20 cost savings initiative launched a year ago to generate annual recurring savings of $20.0 million by 2020. To date, we have realized $12.0 million in annualized savings or 60% of the target. In the spirit of continuous improvement and to further drive efficiency, we have identified an additional $5.0 million in cost savings, bringing the total recurring savings to at least $25.0 million by 2020. To achieve the remaining $13.0 million in cost savings, we will need to incur restructuring and other charges estimated at between $9.0 and $11.0 million.”
“In conclusion, we have the management team and strategy in place to drive the business forward. We will continue to open greenfields and actively pursue select acquisitions, all in an effort to drive our operations to generate continued growth and increased profitability with the aim of maximizing shareholder value. All of this would not be possible without the on-going support of all stakeholders, including our employees and shareholders,” concluded Mr. Courville.
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The Parts Alliance has opened GSF Car Parts Andover on 8th October 2018. The group’s programme has so far seen eleven branch openings since the start of the year.
The site, located on the north side of the Hampshire town, will build on the existing M3 corridor trade coverage offered by Basingstoke and Southampton North, extending it westwards along the A303.
At over 9,000 square feet, GSF Car Parts Andover adds capacity to significantly boost and extend The Parts Alliance’s capability, ensuring its product offering is easily accessible to more local independent garages and key accounts.
The new branch is sited within modern surrounds on Glenmore Trade Park, amongst a mix of retail and commercial units.
“Adding our Andover branch has created eighteen new job roles within The Parts Alliance,” said Emma Tiernan, Divisional Director of GSF Car Parts.
“Trade response has been great; we’ve found lots of garages wanting to buy more from us already who can now gain from improved delivery and service from a GSF Car Parts branch on their doorstep”.
“We’re eager to get out and show more garages that this branch really is what good supply looks like in 2018.”
The Parts Alliance is expected to continue to open branches under its portfolio of trusted motor factor brands in parallel with exploring growth opportunities that may arise from new membership enquiries or acquisitions.
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Sales up 35.6% to $461.6 million of which The Parts Alliance contribution represented $111.0 million or 32.6%;
Positive organic growth (1) of 0.7% at FinishMaster US segment, 8.6% at The Parts Alliance on a stand-alone basis and negative organic growth of 3% for the Canadian Automotive Group;
EBITDA (1) of $35.4 million up 20.0%; Adjusted EBITDA (1) of $35.6 million up 9.5%;
EPS up 27.3% to $0.42, Adjusted EPS (1) up 12.8% to $0.44; and
Free cash flows (1) of $27.7 million up 72.3%.
Boucherville (Québec), August 10, 2018 – Uni-Select Inc. (TSX:UNS) today reported its financial results for the second quarter ended June 30, 2018.
“We are very pleased by our results for the FinishMaster US segment (FinishMaster), as organic growth resumed, in line with our expectations. The Part Alliance UK segment (TPA) provided another solid quarter of sales growth and strong margins which fuelled adjusted EBITDA and free cash flows,” said Henry Buckley, President and Chief Executive Officer of Uni-Select.
“We intensified our sales and marketing efforts at FinishMaster which translated in new business wins and a return to positive organic growth. TPA is exceeding our expectations supported by solid momentum in greenfield store openings and operational performance. However, the Canadian Automotive Group segment faced headwinds this quarter primarily as a result of soft market conditions. Given our overall performance and outlook, we are reiterating our annual consolidated guidance but have adjusted our segments to consider a stronger performance in TPA and a more conservative view for Canadian operations.
Looking forward, we are confident that we have turned the corner at FinishMaster and that our TPA acquisition represents a great asset on which we can build and grow our network. Furthermore, we are confident that the Canadian business strategy will gain momentum with the growing traction of the BUMPER TO BUMPER® brand,” concluded Mr. Buckley.
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Boucherville (Québec), July 16, 2018 – Uni-Select Inc. (“Uni-Select”, TSX: UNS), is pleased to announce the appointment of Chris Adams as Senior Vice President, Sales & Marketing at FinishMaster and the opening of new branches at FinishMaster and The Parts Alliance.
Chris is responsible for all US branches and is leading all sales and marketing efforts in the United States. He joins FinishMaster from ABRA Auto Body & Glass LP, a major multi-shop operator in the collision repair industry. Prior, he was in senior executive roles at Pep Boys and Enterprise Rent-A-Car.
FinishMaster has also opened a second location in Oregon. Located in Eugene, this new branch supports FinishMaster’s strategic expansion plan in the Northwest region and follows the opening of the Portland branch in January 2017.
“We are thrilled to have Chris join our team and help us accelerate profitable growth at FinishMaster. Additionally, the opening of our Eugene branch location helps us extend our customer coverage initiative in the Pacific Northwest,” said Steve Arndt, President and Chief Operating Officer, FinishMaster.
The Parts Alliance opened three new branches in the United Kingdom, two at the end of April and one at the end of June. The ongoing programme of openings is built upon continued investment from
The Parts Alliance, demonstrating its commitment to develop their trusted local motor factor brands, thereby marrying local service with national strength. This follows 4 branch openings since the beginning of 2018, for a total of 9 since the acquisition of The Parts Alliance by Uni-Select in August 2017.
The Parts Alliance now operates 176 branch locations.
“We are pleased with the expansion to our branch network as we continue to invest in trusted regional brands. We look forward to reaching new customers with our winning blend of leading automotive brands and industry-leading technology,” noted Peter Sephton, President and Chief Executive Officer, European Automotive Group.
“At Uni-Select, we are committed to extending our leadership positions in all three businesses. Building the best team and extending our customer coverage are key company initiatives,” added Henry Buckley, President and Chief Executive Officer of Uni-Select.
Uni-Select is a leader in the distribution of automotive refinish and industrial paint and related products in North America, as well as a leader in the automotive aftermarket parts business in Canada and in the UK. Uni Select is headquartered in Boucherville, Québec, Canada, and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
In Canada, Uni-Select supports over 16,000 automotive repair and collision repair shops through a growing national network of more than 1,100 independent customers and over 60 company-owned stores, many of which operate under the Uni-Select BUMPER TO BUMPER®, AUTO PARTS PLUS® AND FINISHMASTER® store banner programs. It also supports over 3,900 shops and stores through its automotive repair/installer shop banners, as well as through its automotive refinish banners.
In the United States, Uni-Select, through its wholly-owned subsidiary FinishMaster, Inc., operates a national network of over 200 automotive refinish company-owned stores under the FINISHMASTER banner which services a network of over 30,000 customers annually, of which it is the primary supplier to over 6,800 collision repair centre customers.
In the UK and Ireland, Uni-Select, through its Parts Alliance group of subsidiaries, is a leading distributor of automotive parts supporting over 23,000 customer accounts with a network of close to 200 locations including over 170 company-owned stores.
The information provided in this press release may include some forward-looking information, which could include certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni‑Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
The Parts Alliance’s Summer Garage Essentials has arrived mid heat-wave with some incredible offers that are guaranteed to keep things hot.
The glossy 68 page A4 publication is available on request from all branches of The Parts Alliance members Allparts, Bromsgrove Motor Factors, Car Parts & Accessories, CES, GMF, SAS Autoparts, SC Motor Factors, Waterloo, GSF Car Parts – and now Dingbro too.
For garages looking to maximise the opportunities created by power tool battery technology, the Milwaukee ‘Star Buy’ will appeal. At just £689 + VAT it combines several high-performance impact drives and ratchets with genuine Milwaukee accessories.
Angry Jester, renowned for problem-solver tools exclusively available from The Parts Alliance, has a new air operated professional coil spring compressor for just £1,595 + VAT. Despite the small price, the unit packs a big punch with 2,400 kg maximum force and a patented ‘four claw’ connection, ensuring it’s compatible with all current suspension systems.
Also exclusive to The Parts Alliance, equipment specialists EAE showcase tyre packages alongside their popular range of workshop lifting solutions.
With many garages reporting record levels of interest in air con this summer there are automatic service station packages from Bosch Cooling Edge and Dunlop at lowest ever prices.
Hand tools from Sealey, Laser Tools and Angry Jester feature prominently alongside all the latest diagnostics platforms.
“On the diagnostics side, it’s all about offering garages choice,” said John Wright Head of Garage Equipment and Customer Development at The Parts Alliance. “The Bendix diagnostic unit is proving to be a really popular ‘all rounder’”
Other systems are showcased from Autel, TEXA, VDO, Bosch and Delphi with cost-effective online training available from Our Virtual Academy.
To find out more about everything that’s included, please request your free copy from your local branch of The Parts Alliance.
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A network of professional garages across the UK is enjoying record growth with more than 150 new signups to its programme.
Servicesure Autocentres, the UK’s fastest growing network of garages, has reported 61 new garages so far this year, with a further 91 in 2017 taking the total up to 460.
To celebrate the company’s most successful year to date, Servicesure is giving its customers the chance to win an unforgettable holiday for two to South Africa.
Paul Dineen, head of the Servicesure programme, said: “We’re thrilled to have experienced such sustained growth and it’s brilliant to give something back to the customers who support us and our garages.
“The competition prize offers two people the chance to win a 14-day, guided group tour from Port Elizabeth to Cape Town, following The Garden Route.
“The programme currently has 460 garage members, up from 258 less than three years ago and there are significant plans for further growth.”
Offering more than 20 business services, Servicesure is committed to helping its garages deliver an exceptional standard of car care to motorists.
Each autocentre is subject to a strict code of conduct, adhering to a dispute resolution service. While motorists also benefit from an exclusive National Warranty which guarantees against parts and labour defects for 12 months or 12,000 miles at any Servicesure Autocentre in the UK.
The competition opens on 4th June – with all entries to be submitted by 23rd November.
For full terms and conditions, and to enter the prize draw, visit www.servicesureautocentres.com
Sales up 42.0% to $422.1 million of which The Parts Alliance contribution represented $110.0 million or 37.0%;
Solid organic growth (1) of 5.9% from the Canadian operations;
EBITDA (1) of $27.0 million up 16.5%; Adjusted EBITDA (1) of $27.6 million up 19.2%;
EBITDA margin (1) at The Parts Alliance UK of 8.7%;
EPS of $0.25, Adjusted EPS (1) up 11.5% to $0.29; and
Reiterating 2018 annual guidance.
Boucherville (Québec), May 3, 2018 – Uni-Select Inc. (TSX:UNS) today reported its financial results for the first quarter ended March 31, 2018.
“Overall our first quarter results were in line with our expectations when considering the seasonality of our business. For the quarter, revenues increased by 42.0% and EBITDA by 16.5% when compared to last year fuelled by the UK acquisition,” said Henry Buckley, President and Chief Executive Officer of Uni-Select.
“The Parts Alliance continued its strategy of network expansion by opening four greenfields and generated an EBITDA margin of 8.7% in a seasonally strong quarter, as expected. The Canadian business demonstrated robust organic growth of 5.9% and generated an EBITDA margin in line with last year, representative of its seasonally softest quarter of the year. Finally, FinishMaster continued to face some headwinds as it rebuilds sales momentum, with early signs of success as a result of winning new business volume.”
“Looking forward, considering first quarter results, our business outlook in the U.K. and in Canada and the progressive improvement expected at FinishMaster throughout 2018, we are confident to achieve our consolidated guidance for the year,” concluded Mr. Buckley.
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The event was held on Thursday 19th April at The Chateau Impney Hotel’s Exhibition Centre in Droitwich Spa. As the UK basked in sunshine and record-breaking April temperatures, garages resisted warm weather temptations and turned out in record numbers.
“We had over 450 customers of Bromsgrove Motor Factors, CES and GSF Car Parts attending,” said Simon Moore, Head of Marketing at The Parts Alliance.
“Feedback has been overwhelmingly positive, many visitors were still there until past 10pm as we finally started to pack away the stands.”
I heard about the show through Bromsgrove Motor Factors and have never been to anything like this before,” said Mark Field, owner at Fields of Hanley in Hanley Swan, Malvern. “It’s great to see some of the new equipment on offer.”
Nigel Williams of Woodyard Garage in Redditch said: “There are things here that we don’t normally get to see, so it’s brilliant.
“We came to the one last year but it definitely seems bigger and better this year.”
Attractions included 57 supplier stands, showcasing the brightest and best in parts, tools, equipment, consumables and professional services. Many had ‘on the night only’ special offers.
Nathan Warman of Midland Commercials in Worcester highlighted the value of face-to-face time with both his local motor factor’s staff team and suppliers, adding: “We’re here for the deals too, there’s some really good stuff!”
The mix of staff, suppliers and customers made for an excellent atmosphere on the night. Special guest Fuzz Townshend, presenter of popular television show ‘Car SOS’, spoke about his passion for classic cars and the garage industry.
The event achieved a relaxed blend of business and pleasure. With most coming down after work, the aisles were thronging by 7pm. Many sought out suppliers on their stands, whilst others caught up over free refreshments, provided by Purflux and DriveTec.
Informative technical seminars were delivered by Bosch, Comma, Schaeffler and Our Virtual Academy, as each looked at different challenges and opportunities created by sophisticated new vehicle technologies.
The night closed with a prize draw. A diverse range of gifts, generously donated by suppliers, proved to be the icing on the cake for around 20 winning customers.
“I’d like to thank customers who attended for their tremendous support and of course our suppliers who invested time and effort to demonstrate the huge range of market-leading products and services available from The Parts Alliance,” said Simon Moore.
2018 is proving to be a busy year already for the group. Several new branch openings have been successfully completed to enhance network coverage. Further trade shows are planned too, interested garages are advised to look out for details from their local branch.