Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, has announced that it has entered into a definitive agreement to sell Worldpac, Inc., an automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for US$1.5 billion in cash. The transaction is expected to close before the end of the year.
Latham & Watkins LLP advised The Carlyle Group in the transaction with a corporate team led by Washington, D.C. partners David Dantzic and Victoria VanStekelenburg, with associate Monica Hernandez. Advice was also provided on acquisition financing matters by Washington, D.C. partners Jeffrey Chenard, Manu Gayatrinath, and Jennifer Kent; intellectual property matters by New York partner Steven Betensky, with associate Pelin Serpin; on tax matters by New York partner David Raab; and on executive compensation matters by Washington, D.C. partners David Della Rocca and Nikhil Kumar.
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