NEW YORK Nov 29 An auction of Advance Auto
Parts Inc failed to attract bids that met its price
expectations, making it unlikely the auto parts retailer would
proceed with plans to sell itself, according to four people
familiar with the matter.
The company ran a limited auction process that attracted
interest from buyout firms including Carlyle Group LP,
Leonard Green & Partners LP, KKR & Co LP and Clayton
Dubilier & Rice LLC, the sources said this week.
Details on bids and the management's valuation expectations
could not be learned.
The Roanoke, Virginia-based company has a market value of
more than $5.7 billion, up 10 percent since Nov. 1 when news of
a potential sale emerged.
The sources asked not to be identified because the matter is
not public. Advance Auto Parts, Carlyle, KKR and CD&R declined
to comment, while Leonard Green did not immediately respond to
requests for comment.
Blackstone Group LP, which sources said was advising
Advance Auto on a potential sale, declined to comment.