Advance Auto Parts announced that it will be initiating the sale of Worldpac in its recent third-quarter update, according to a news release.
The board, management team, and President and CEO Shane O'Kelly came to the decision as part of a strategy to focus more on the company’s blended box business model.
Separate sale processes for both Worldpac and the company’s Canadian business–which runs under the Carquest brand–will soon be put into motion for a potential divestiture.
Centerview Partners will be assisting with the sale process. Advance Auto Parts does not have a time frame of when the sale could take place and does not plan to release any further statements until the sale process has concluded.
The full news release is available to read on the Advance website.