Private equity interest in Advance Auto Parts has failed to turn into a solid bid for the retailer, it is understood.
A limited auction process featuring buyout firms including Carlyle, Leonard Green & Partners, KKR and Clayton, Dubilier & Rice has led to nothing according to a report by Reuters.
It said the company’s market capitalisation has risen to more than $5.7bn in the wake of the interest, up from $5.66bn when news of the potential deal became public at the beginning of the month.
The New York-listed auto parts retailer was reported to have hired Blackstone Advisory to explore a potential sale to a private equity firm in a deal expected to fetch more than $6bn.
US buyout house American Securities bought car part maker HHI Group Holdings last month from turnaround specialist KPS Capital Partners.
The company is North America’s largest manufacturer of high-end, safety-critical components for the automotive industry, primarily in the light vehicle market.
Although financial details were not disclosed, the firm was reported to have paid more than $700m for the HHI.
Copyright © 2012 AltAssets