FleetPride Inc. and Midway Truck Parts Inc. announced on Monday, April 4, the signing of a definitive asset purchase agreement that includes 13 Midway Truck Parts locations in Illinois and one in St. Louis. The parties expect to close the transaction on May 2. The Midway Trailer Sales & Service division is not part of this purchase agreement and will continue to operate as a separate company.
“We support FleetPride’s long-term growth plan based in large part on strategic acquisitions, and the company’s record speaks for itself,” says Lars Haegg, managing director at Investcorp, which together with Ridgemont Equity Partners is a majority owner of FleetPride. “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.”
Midway Truck Parts was founded in 1978 by Pete Pasdach, president, and Rich Murawski, vice president. Upon closing of the transaction, Murawski will join FleetPride in his operational role, and Pasdach 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,” says W.M. McGee, president and chief executive officer. “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.”