Birch Hill Equity Partners Acquires Additional Stake in Uni-Select Inc.

TORONTO, Dec. 18, 2019 /CNW/ - Birch Hill Equity Partners Management Inc., as general partner of each of Birch Hill Equity Partners V, LP, Birch Hill Equity Partners (US) V, LP and Birch Hill Equity Partners (Entrepreneurs) V, LP (collectively, "Birch Hill"), announced today that it has acquired CDN$75,000,000 in aggregate principal amount of 6% convertible senior subordinated unsecured debentures (the "Convertible Debentures") of Uni-Select Inc. ("Uni-Select"), pursuant to a subscription agreement dated December 18, 2019 (the "Transaction"). The Convertible Debentures will bear interest from December 18, 2019 at 6% per annum and mature on December 18, 2026. The Convertible Debentures are convertible into common shares of Uni-Select (the "Common Shares") at a conversion price of CDN$13.57 per Common Share, representing a conversion rate of 73.69 Common Shares per $1,000 principal amount of Convertible Debentures, subject to certain adjustments in accordance with the terms of the indenture governing the Convertible Debentures.

Immediately prior to the Transaction, Birch Hill held 4,030,000 Common Shares, representing approximately 9.51% of the issued and outstanding Common Shares. Immediately after the Transaction, assuming the Convertible Debentures are converted in full on the date hereof, Birch Hill would beneficially hold 9,556,897 Common Shares, representing approximately 19.95% of the issued and outstanding Common Shares (or an increase of approximately 10.44% in Birch Hill's beneficial security holding percentage in respect of the Common Shares).

Birch Hill entered into the Transaction as part of a strategic investment in Uni-Select and intends to review its investment in Uni-Select on a continuing basis. Birch Hill may, subject to the terms of the investor rights agreement entered into between Birch Hill and Uni-Select dated December 18, 2019, depending upon a number of factors including market and other conditions, increase or decrease its beneficial ownership, control, direction or economic exposure over securities of Uni-Select.

The Common Shares of Uni-Select are listed on the Toronto Stock Exchange under the symbol "UNS". Uni-Select is a corporation organized under the laws of Quebec with its head office at 170 Boul. Industriel, Boucherville, Québec J4B 2X3.

An early warning report will be electronically filed with the applicable securities commission in each jurisdiction where Uni-Select is reporting and will be available on SEDAR at www.sedar.com. For further information or to obtain a copy of the Early Warning Report, please contact Pierre Schuurmans at [phone].

Birch Hill Equity Partners Management Inc.
100 Wellington Street West
Suite 2300, TD West Tower
P.O. Box 22
Toronto, ON M5K 1A1

SOURCE Birch Hill Equity Partners Management Inc.