By Mike Davey
Boucherville, Quebec -- April 27, 2016 -- Uni-Select's acquisition drive is still in full swing, with news that US subsidiary FinishMaster has acquired Zitco. According to an official statement, the acquisition significantly broadens the company's reach in Minneapolis/St. Paul metropolitan area. This follows other recent acquisitions by Uni-Select, including Annex Group in the US and distributorships in Ontario and Quebec. In total, Uni-Select acquired five businesses in the first quarter, adding 26 stores to its growing network.
The company has also reported its financial results for the first quarter of the year. In brief, the numbers look very good.
"I am extremely pleased with our team's performance in Q1 and the solid start to the year. Both FinishMaster and the Canadian Automotive Group achieved positive organic growth and improved profitability. Our teams continue to be focused on a balanced growth strategy; organic and select acquisitive growth," said Henry Buckley, President and Chief Executive Officer of Uni-Select. "Despite the impact of the declining Canadian dollar and the economic slowdown in the Prairies, we enter the second quarter with solid momentum. We continue to be highly focused on profitable growth and the integration of our acquisitions."
With that said, Uni-Select's results in terms of dollars are actually down for the first quarter of 2016 as compared to the first quarter of 2015. It should be noted that there is more than meets the eye when it comes to these numbers. The first quarter of 2015 was bolstered by three months of sales from Uni-Select USA and Beck/Arnley Worldparts. Both of these assets were sold off on June 1, 2015, and hence do not contribute to sales in 2016.
Sales for the first quarter totalled $264 million, a 35.9 decrease compared to the same period in 2015. However, when the sales figures from Uni-Select USA and Beck/Arnley Worldparts are removed from the equation, Uni-Select's consolidated sales grew by 10.8 percent.
For more information on Uni-Select, please visit uniselect.com.