FleetPride, Inc. and Midway Truck Parts, Inc. have signed a definitive asset purchase agreement. The asset purchase agreement includes 13 Midway Truck Parts locations in Illinois and one in St. Louis. The parties expect to close the transaction on May 2, 2011.
Midway Trailer Sales & Service is not part of this purchase agreement and will continue to operate as a separate company.
“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, Fleet Pride president and CEO. “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.”
Midway Truck Parts was founded in 1978 by Pete Pasdach and Rich Murawski, and both will stay on staff at Fleet Pride after the completion of the transaction.
“Rich and I are excited about the new opportunities that await us at FleetPride,” says Pasdach, Midway president. “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.”