POMONA, Calif., August 12, 2003 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that it has acquired MultiPro Auto Body Parts, Inc., a privately held company based in Quebec, Canada, that distributes automobile collision replacement parts. MultiPro recorded sales of approximately $13.5 million CAD ($9.7 million USD) during its most recent fiscal year. Terms of the transaction were not disclosed.
"The acquisition provides a solid platform for Keystone to expand throughout Canada. MultiPro has a very good business model, an excellent distribution system and a strong management team," said Charles J. Hogarty, president and chief executive officer of Keystone.
He noted that the Canadian aftermarket offers Keystone tremendous growth potential by leveraging the favorable economics of aftermarket parts compared with original equipment parts. Hogarty emphasized Keystone's Platinum Plus private label product line, its stringent quality assurance programs and increasing acceptance by the insurance industry, body shops and consumers as significant strategic factors that support the company's current and future expansion plans for the Canadian market.
Multipro's main hub/distribution center is in Drummondville, Canada, with additional distribution centers in Montreal and Quebec. The company also has depots in Ottawa, Sherbrooke and Chicoutimi.
About Keystone
Keystone Automotive Industries, Inc. distributes its products in the United States primarily to collision repair shops through its 120 distribution facilities, of which 22 serve as regional hubs, located in 38 states, Canada and Tijuana, Mexico. Its product lines consist of automotive body parts, bumpers, 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.