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Keystone Completes Secondary Offering

2 July 1997

Keystone Completes Secondary Offering

    POMONA, Calif., July 2 -- Keystone Automotive Industries,
Inc. said today that it had successfully concluded its
secondary public offering of 4,540,000 shares of common stock at 15-1/2.   Of
the 4,540,000 shares, 2,240,000 shares were sold by the company and the
remainder of the shares were from selling shareholders.  The Company said that
as a result of demand, it had increased its portion of the offering by
approximately 50 percent from the 1,500,000 shares in the original filing to
the 2,240,000 shares offered on Friday.  In addition, the underwriters elected
to exercise their overalottment option and purchased an additional 680,000
shares of which 370,000 shares were sold by the Company and the balance by
certain selling shareholders.
    The investment bankers were Morgan Keegan & Company, Inc., A.G. Edwards &
Sons, Inc. and Crowell, Weedon & Co.
    Charles Hogarty, president and chief executive officer of Keystone, said,
"We are gratified with the response to our offering and are pleased to have
reached a successful conclusion.  The proceeds will be used primarily to
reduce debt and to continue our program of strategic acquisitions of
independent distributors of aftermarket collision replacement parts throughout
the nation."
    Keystone Automotive Industries, Inc. distributes its products in the
United States primarily to collision repair shops through its 71 service
centers, of which 11 serve as regional hubs.  Its product line consists of
automotive body parts, bumpers, autoglass and remanufactured alloy wheels, as
well as paint and other materials used in repairing a damaged vehicle.

SOURCE  Keystone Automotive Industries, Inc.