Uni-Select Inc. is reviewing its strategic alternatives as the auto paint and parts company announced that its chief executive has left the company and it lowered it 2018 sales and earnings forecasts.
The Quebec-based company says it has appointed a special committee of independent members of the board to oversee a review.
Analyst Elizabeth Johnston of Laurentian Bank Securities says the review will likely result in the sale of FinishMaster Inc. for about $1.1 billion, with funds used to pay down debt and make acquisitions in Canada and the U.K.
Uni-Select says Henry Buckley has left as president and CEO effective immediately after three years at the helm, with chairman Andre Courville taking over as interim CEO.
Chris Adams was also appointed to replace Steven Arndt as president and chief operating officer of FinishMaster, effective immediately.
Uni-Select also lowered its organic sales growth guidance to a range of 0.8-to 2.6-per cent from 2.25-to four-per cent and its EBITDA margin to 6.75-to 7.25-per cent from 7.2-to 8.2-per cent previously on lower results at its Canadian Automotive Group and FinishMaster.