THE WOODLANDS, Texas, April 4, 2011 /PRNewswire/ -- FleetPride, Inc. and Midway Truck Parts, Inc. announced today they have signed a definitive asset purchase agreement. The asset purchase agreement includes 13 Midway Truck Parts locations in Illinois and one in St. Louis, Missouri. The parties expect to close the transaction on May 2, 2011. The Midway Trailer Sales & Service division is not part of this purchase agreement and will continue to operate as a separate company.
FleetPride, majority-owned by Investcorp and Ridgemont Equity Partners, has executed a consistent acquisition strategy over the past several years. "We support FleetPride's long-term growth plan based in large part on strategic acquisitions, and the company's record speaks for itself. After Midway, FleetPride will have completed nine transactions, adding 32 locations over the past 15 months. Midway is the largest acquisition by FleetPride under Investcorp's and Ridgemont Equity Partners' ownership, and is a prime example of this strategy," said Lars Haegg, Managing Director at Investcorp.
Midway Truck Parts was founded in 1978 by Pete Pasdach, President, and Rich Murawski, Vice President. Upon closing of the transaction, Rich will join FleetPride in his operational role and Pete will lead FleetPride's Midwest Region in his new role as Regional Vice President – Midwest Region.
"The Midwest is a target growth area for FleetPride and Midway Truck Parts is a strategic fit in terms of size, scale, leadership and reputation. Adding Midway Truck Parts strengthens our position in the Midwest, allows us to quickly establish a large presence in the region and brings a respected industry leader into the FleetPride family. Pete brings a passion for this business that will allow us to continue to expand the Midwest both in sales volume and locations," said W.M. McGee, President and CEO.
"Rich and I are excited about the new opportunities that await us at FleetPride. Because of FleetPride's consistent track record, we know this acquisition is a good opportunity for our employees and better positions our company to continue to provide exceptional service to our valued customers," said Pete Pasdach, President, Midway Truck Parts, Inc.
"I'm extremely proud of what our Midway team has accomplished," added Pasdach. "I remain passionate about this business, the industry, and the people I work with. To say I am looking forward to this next phase in my career with FleetPride is an understatement."
About FleetPride, Inc.
FleetPride, Inc. (www.fleetpride.com) — America's premier nationwide supplier of heavy-duty truck and trailer parts — operates 209 locations in 40 states and carries a full line of nationally-recognized, brand-name parts, as well as an assortment of exclusive-brand parts. In addition, FleetPride offers in-house remanufactured products such as brake shoes and driveline components. Truck and trailer repair services are also offered at a number of locations.
About FleetCare by FleetPride
FleetCare (www.fleetcare.info) — FleetPride is proud to offer an exclusive partnership for qualified businesses through its FleetCare affiliation program. In addition to FleetPride's company-owned locations, the FleetCare network, with over 215 heavy-duty truck and trailer centers, services all makes and models, employs highly-trained technicians, provides brand-name parts, extends a nationwide parts warranty program and offers roadside assistance.
Midway Truck Parts, Inc. was established in 1978 by Peter Pasdach and Richard Murawski as a heavy duty parts and service specialist. Today it is recognized as one of the leading independent heavy-duty truck and trailer parts distributors in the industry. Through a network of 14 locations in Illinois and Missouri, the company offers an extensive inventory of over 400 product lines as well as heavy-duty truck and trailer service and repair.
Investcorp is a leading provider and manager of alternative investment products. It has offices in New York, London and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2010, Investcorp had $12.2 billion in assets under management. Further information is available at www.investcorp.com.
Ridgemont Equity Partners is a Charlotte-based private equity firm that provides buyout and growth capital to closely-held private companies and new business platforms. The firm focuses on investments of $25 million to $75 million, in industries in which it has significant experience, including basic industries and services, energy, healthcare, and telecommunications/ media/ technology. Since 1993, the principals of Ridgemont have invested over $3 billion and demonstrated a proven, industry-focused model that has yielded consistently attractive returns.