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Thursday, August 28, 2014

Car parts distributor Transtar up for sale -sources, (NYSE: BAC)

Transtar Industries Inc, a U.S. distributor of replacement car parts, is exploring a sale that it hopes could value the company at as much as $1 billion, including debt, according to people familiar with the matter. Transtar's owner, private equity firm Friedman Fleischer & Lowe LLC, has hired investment banks Bank of America Corp and Harris Williams & Co to run an auction for the company, the people said this week.The sources asked not to be identified because the sale process is confidential. Friedman Fleischer & Lowe, Transtar and Bank of America declined to comment. A Harris Williams spokeswoman did not respond to a request for comment.Based in Walton Hills, Ohio, Transtar distributes driveline replacement parts, kits and components used in transmission repairs. It has about 2,300 employees and more than 130 locations throughout North America.Friedman Fleischer & Lowe acquired Transtar in 2010 for an undisclosed amount from private equity firm Linsalata Capital Partners Inc. Earlier this year, it merged Transtar with ETX Holdings Inc, a peer it acquired from industrial conglomerate Jordan Industries Inc and private equity firm The Edgewater Funds.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.17% or $-0.19/share to $16.01. In the past year, the shares have traded as low as $13.60 and as high as $18.03. On average, 66247400 shares of BAC exchange hands on a given day and today's volume is recorded at 61824600.