Halifax, Nova Scotia -- December 30, 2014
AutoChoice Parts & Paints Limited has entered into a share purchase agreement (SPA) with Miramichi Auto Value (MAV), in which it will acquire all outstanding shares.
AutoChoice locations will increase from 17 to 18 as a result of the acquisition, allowing the company to cover all four Atlantic provinces.
"We are delighted to add MAV to the AutoChoice family," says AutoChoice Vice President Vafa Mirzaagha. "This acquisition enhances our presence in the Moncton-to-Bathurst corridor of New Brunswick, as we currently have locations in both of those cities, as well as Shediac and St. Antoine."
Mirzaagha says AutoChoice had been eyeing the Miramichi market for some time.
"This bolt-on acquisition presents meaningful growth potential; we are excited to enter this complementary territory," she says. "By integrating MAV into AutoChoice's distribution network, we will achieve significant logistical and operational synergies."
AutoChoice will retain MAV's four employees, including owner Joseph Luc Michaud and his wife, Angela Cameron.
The expected transaction closing date is December 31, with the agreement remaining subject to customary closing conditions, including satisfactory completion of due diligence.
MAV is located at 730 Newcastle Boulevard in Miramachi, New Brunswick. The building and land is to be purchased by AutoChoice through an agreement made between affiliates of each company.
For more information on AutoChoice, please visit AutoChoice.ca.