CHICAGO, IL – November 4, 2024 – Worldpac, a premier distributor in the automotive aftermarket known for its extensive range of Worldpac Car Parts, has officially announced the completion of its acquisition by Carlyle (NASDAQ: CG), a global investment powerhouse. The acquisition from Advance Auto Parts, Inc. (NYSE: AAP) signals a new chapter for Worldpac, setting the stage for accelerated expansion and advancements in their service to the automotive repair community.
Effective immediately, industry veteran John Hamilton steps in as the new President and CEO of Worldpac. Hamilton brings a wealth of leadership experience from prominent roles at Veyance Technologies, Electro-Motive Diesel, and Tokheim Corporation, among others, and has served as an advisor to Carlyle for several years. His appointment is expected to drive Worldpac’s strategic direction and reinforce its commitment to delivering top-quality worldpac car parts.
Bob Cushing, the current President of Worldpac, will transition to the role of Strategic Advisor. Hamilton acknowledged Cushing’s significant contributions, stating, “I want to extend my thanks to Bob for his leadership and vision. His guidance has been instrumental in shaping Worldpac’s important role in the industry, and I look forward to working closely with him as Strategic Advisor.” This transition ensures continuity and leverages Cushing’s deep industry knowledge.
Cushing expressed enthusiasm for the acquisition, stating, “I want to thank the Carlyle team for recognizing Worldpac’s achievements and potential with their investment in Worldpac’s future. Carlyle’s investment will accelerate Worldpac’s growth and continued focus on delivering ‘The Right Part at the Right Time’.” This reaffirms Worldpac’s core mission of providing timely access to worldpac car parts for its customers.
Wes Bieligk, Partner at Carlyle, conveyed Carlyle’s confidence in Worldpac, stating, “We are thrilled to invest in Worldpac. Worldpac is a great business, and we are confident that our experience in the automotive aftermarket and with industrial carve-outs will support its growth as an independent company. We look forward to supporting John and the Worldpac team in achieving its strategic goals and unlocking its full potential.” This investment from Carlyle underscores the strong potential seen in Worldpac and the worldpac car parts market.
Forward-Looking Statements
This announcement includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements concern expectations regarding the benefits of the sale, the anticipated closing timeline, and the intended use of proceeds. These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially. For a detailed description of these risks, please refer to Advance Auto Parts’ most recent Annual Report on Form 10-K filed with the SEC.
Contact Information:
Carlyle
Brittany Berliner
(212) 813-4839
Worldpac
Jay Potter
(800) 888-9982
About Carlyle:
Carlyle (NASDAQ: CG) is a global investment firm managing $435 billion in assets as of June 30, 2024. Carlyle operates across Global Private Equity, Global Credit, and Global Investment Solutions, employing over 2,200 individuals in 29 offices globally. Further details are available at www.carlyle.com.
About Worldpac:
Worldpac stands as a leading distributor of original equipment automotive replacement parts, specializing in worldpac car parts. They serve the independent automotive repair sector, offering over 160,000 part numbers from more than 45 import and domestic vehicle manufacturers. With over 100 facilities across North America, Worldpac ensures rapid delivery and exceptional service, enhanced by tools like their speedDIAL ordering software, comprehensive training programs, and expert technical support. For more information, please visit www.worldpac.com.
