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No deal for Advance Auto Part despite private equity interest

29 Nov 2012

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.

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