Independent Truck Parts Companies To Merge
June 15, 1999
HDA Parts System Inc. and Quality Distribution Service Partners Inc. have agreed to merge as FleetPride, which they say will be the largest independent distributor in the heavy duty truck parts aftermarket.
The combined organization will have annual revenue of over $500 million and 150 locations nationwide. Each location will carry a full line of brand name truck parts plus in-house remanufactured products such as brake shoes, transmissions, rear axles and driveline components. Some locations will also offer truck repair services.
QDSP shareholders will receive HDAPS stock valued at approximately $68 million. At the time of the merger HDAPS is expected to receive approximately $40 million in cash from the issuance of new equity. HDAPS president and CEO John Greisch will be president and CEO of FleetPride. QDSP President Bill Wade will be chairman until January, 2000. The merger is expected to be finalized by the end of September.