FleetPride Adds On

FleetPride, an independent aftermarket distributor of heavy-duty truck and trailer parts, has acquired Keller Truck Parts Inc., a provider of heavy-duty replacement parts in Maryland and Delaware. No financial terms were disclosed. FleetPride is owned by Investocrp, Banc of America Capital Investors and company management. 

 

PRESS RELEASE

FleetPride, Inc., the nation's largest independent aftermarket distributor of heavy-duty truck and trailer parts, announced today that it has finalized the acquisition of Keller Truck Parts, Inc.  Keller has 11 locations across Delaware and Maryland. Maryland locations include Annapolis Junction, Baltimore (two branches), Elkton, Frederick, Gaithersburg, Hagerstown, Landover, and Waldorf.  Delaware locations include Dover and Wilmington.Keller Truck Parts was founded in 1971 by Wayne and Donald Keller and has grown into Maryland and Delaware's leading heavy-duty replacement parts specialist. FleetPride has extended employment to all of the Keller employees including industry veterans Curt Ackerman and Robert White who will continue as Area Manager and Area Operations Manager for the acquired Keller operations.

“When the time came to plan for the continuation of our business, we investigated numerous companies. In the end, we decided that FleetPride was the best fit for Keller Truck Parts and its employees.  Both organizations have similar management philosophies with a focus on putting the customer first. This growth opportunity will ensure the future success of our legacy,” said Wayne Keller, President of Keller Truck Parts.

 

“The acquisition of Keller Truck Parts fills a significant void in our footprint and provides us with a seasoned, dedicated and loyal employee base from which to grow our business,” said Todd Dunn, FleetPride President and CEO. “The Keller organization has operated in these local markets for over 35 years and is the leading independent distributor in the area. We are thrilled to have them join the FleetPride family,” said Dunn.

 

“We reviewed other opportunities in the area, but this is the one that fit,” said Pete Painter, FleetPride's Vice President Southeast Region. “Maryland and Delaware are new markets for FleetPride. The Keller Truck Parts acquisition will bridge the gap between FleetPride's Chantilly, Virginia and Carlisle, Pennsylvania branches allowing us to better serve our local and national account customers,” said Painter.

 

FleetPride is owned by affiliates of Investcorp, Banc of America Capital Investors and management.

 

About FleetPride, Inc.

FleetPride, Inc. (http://www.fleetpride.com/) — America's premier nationwide supplier of heavy duty truck and trailer parts — operates 176 locations in 38 states and carries a full line of nationally recognized brand name parts, as well as an assortment of private brand parts.  In addition, FleetPride offers in-house remanufactured products such as brake shoes, transmissions, rear axles and driveline components.  Truck and trailer repair services are also offered at a number of locations.

 

About FleetCare

FleetCare (http://www.fleetcare.info/) — America's premier heavy duty truck and trailer service center network — has over 170 service providers across the country. FleetCare offers services for all makes, models and locations, 24/7 toll-free locator service, dedicated website, highly trained technicians, brand name parts, nationwide parts warranty and roadside assistance in many locations.

 

About Investcorp

Founded in 1982, Investcorp is a leading provider and manager of alternative investment products with more than $15 billion in assets under management as of December 30, 2007.  It has offices in the Kingdom of Bahrain, London and New York and is publicly traded on the Bahrain Stock Exchange (INVCORP) and the London Stock Exchange (IVC). The firm has five lines of business: private equity, hedge funds, real estate, technology investment and Gulf growth capital.

 

In addition to FleetPride, Investcorp's current private equity investments include: Randall-Reilly, a business-to-business media and data company in the US; Berlin Packaging, a leading supplier of custom and stock rigid packaging in the US; Icopal, the world's leading producer of roofing and waterproofing membranes; Moody International, a global provider of technical and inspection services and management systems; and Armacell, a leading global manufacturer of engineered foams.  Past private equity investments by Investcorp include: Tiffany & Co., Gucci, Prime Equipment, Carter's, Simmons, Leica, Jostens and APCOA.

  Further information on the firm is available at http://www.investcorp.com/.

 

  About Banc of America Capital Investors

 

Banc of America Capital Investors (http://www.bacapitalinvestors.com/) is a private equity partnership that manages over $2 billion of capital for Bank of America.