Keystone Automotive Industries Announces Sale of Aftermarket Hard Parts Operations
4 August 1998
Keystone Automotive Industries Announces Sale of Aftermarket Hard Parts Operations to General Parts Inc.
POMONA, Calif.--Aug. 4, 1998--Keystone Automotive Industries Inc. (KEYS) Tuesday announced that it has signed a definitive agreement with General Parts Inc. of Raleigh, N.C., to sell its automotive aftermarket hard parts of operations located in Alaska, Arizona, California, Iowa, Illinois, Indiana, Michigan, Missouri and Pennsylvania.These operations, acquired as a part of Keystone's recent acquisition of Republic Automotive Parts, include eight warehouse distribution centers and 75 stores, and had revenues for the year ended Dec. 31, 1997, of approximately $94 million. Terms of the transaction were not disclosed.
It is anticipated that the transaction, which is subject to customary conditions including the expiration of the Hart-Scott-Rodino waiting period, will close by the end of the month.
Charles J. Hogarty, Keystone's chief executive officer, stated: "We are pleased to have reached this agreement with General Parts Inc. After careful consideration, we have determined that it is in the best interest of Keystone to continue the divestiture of Republic's hard parts operations which began last year so that Keystone can remain focused on its core business of distributing aftermarket collision replacement parts."
Keystone Automotive Industries distributes its products in the United States primarily to collision repair shops through its 104 service centers, of which 21 serve as regional hubs. Its product lines consist of automotive body parts, bumpers, autoglass and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle.
These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the nation.