Advance Auto Parts has announced the sale of Worldpac, its automotive parts wholesale distribution business, to global investment firm Carlyle for $1.5 billion in cash.
Chief executive and president Shane O'Kelly said in prepared remarks that the move would allow the company to sharpen focus "on decisive actions to turn around the Advance blended box business." The money is intended to support efforts to improve the company's performance.
Advance Auto Parts has had a challenging time over the last few years, going from $11.2 billion in revenue and $464.4 million in net income in 2022 to $11.3 billion in revenue and $29.7 million in profit in the following year. Share prices went from $241.91 in November 2021 to $49.11, as of Monday, August 26, 2024.
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