FleetPride Inc., an independent aftermarket distributor of heavy-duty truck and trailer parts, on Monday, May 2, announced that it has completed the acquisition of Midway Truck Parts, which includes 13 locations in Illinois and one in St. Louis.
“FleetPride’s acquisition strategy centers around identifying strategic markets for expansion and partnering with independent distributors in those markets who are seeking to divest ownership of their business as part of their succession plan,” says Mike Paxton, FleetPride’s vice president of new business development. “The Midway deal is a clear example of how we employ this strategy and how the continuity of operations favorably impacts employees and customers.”
Midway Truck Parts was founded in 1978 by Pete Pasdach, president, and Rich Murawski, vice president. Pasdach will stay on as regional vice president of FleetPride’s Midwest Region, and Murawski will stay on as general manager for the Bridgeview location. Employment offers were extended to all operational employees, and more than 150 accepted, many of whom now are assuming management roles with FleetPride.
“The ‘people’ component of any acquisition is the critical factor,” says Lee Stockseth, FleetPride’s chief operating officer. “Pete, Rich and their teams bring a proven history of heavy-duty truck parts expertise and a dedicated focus to serving our customers in these markets. The Midway acquisition brings a depth of talent at 14 locations as well as a large geographic presence that will complement our St. Louis and Willowbrook teams. The fact that we can open our doors on day one as FleetPride and be backed by local Midway team members is a significant advantage.”
Four of the Illinois locations offer drive-in service, while the St. Louis location has moved into FleetPride’s St. Louis branch located at 8000 Hall St. The Midway Trailer Sales & Service division is not part of the purchase agreement, terms of which were not announced, and will continue to operate as a separate company.
“We are thrilled to welcome the Midway Truck Parts employees to the FleetPride family,” says W.M. McGee, FleetPride’s President and CEO. “To be able to increase our reach while simultaneously filling our ranks with experienced personnel and management team members is the true fulfillment of FleetPride’s growth strategy. As I reflect on the past year and a half and see where we are today, I can only tell you how proud I am of the teamwork and effort from all of our FleetPride employees across the country who are responsible for the execution of this strategy.”