Heavy-duty aftermarket parts distributors FleetPride and TruckPro have merged, creating what the companies describe as the nation’s leading independent distributor and service provider in the heavy-duty truck parts space. 

Under the terms of the deal announced Oct. 28, the combined organization will operate under the FleetPride name, be headquartered in Irving, TX (with a satellite office in Memphis), and will be co-owned by private-equity firms American Securities and Platinum Equity. 

Financial terms of the transaction were not disclosed. For FleetPride, Solomon Partners served as financial advisor and Weil, Gotshal & Manges LLP was legal counsel, while TruckPro was served by Jefferies LLP and Latham & Watkins LLP in those same roles, respectively.

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Scale & Scope

The newly-formed company brings together more than 450 branch locations, more than 110 service-centers and six major distribution centres, enabling the combined footprint to serve customers across the U.S. and Canada with what the companies describe as “the industry’s most comprehensive assortment of parts.” FleetPride had over 300 locations across 46 U.S. states and some 4,000 employees at the time of the merger announcement, and TruckPro had about 150 locations across 35 states.

In June, financial services provider Moody’s disclosed that FleetPride’s revenue was $1.8 billion for the 12 months ended March 31 of this year, while various estimates put TruckPro’s annual revenue between $600 million to $675 million.

FleetPride CEO Tom Greco, who joined the company this past July, will lead the combined business, while TruckPro president & CEO Chuck Broadus will continue to lead the TruckPro business and report to Greco during the integration period. 

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Rationale

According to a co-authored news release, the merger aims to deliver enhanced value for customers through several levers: deeper parts availability, expanded technical expertise, best-in-class service and an enhanced eCommerce experience. 

From a private-equity lens, American Securities’ Managing Director and FleetPride Board Chair Mark Lovett called the deal “a defining moment” for both FleetPride and the broader heavy-duty aftermarket. “By combining two high-performing businesses with complementary strengths, we’re building a platform with the scale, technology and talent to lead the industry and deliver sustainable growth for customers, team members and suppliers alike,” he said. 

Platinum Equity co-President Louis Samson added that the firms had “long thought these businesses were destined to come together” and looked forward to accelerating the combined company’s transformation and ability to serve customers. 

Market Implications

For the independent heavy-duty aftermarket, this merger signals a further wave of consolidation and scale-driven competition. With increased geographic coverage, enhanced logistics/inventory capabilities and a unified eCommerce platform, the combined entity is positioned to challenge both regional independents and vertically-owned aftermarket players. 

From a distributor-supplier dynamic standpoint, suppliers of brake, suspension, drivelines and other core heavy-duty parts will likely view this as a conversion of two major customers into one — which may create questions around supplier leverage, margin pressure and preferred-vendor status.

At the same time, fleets and end-customers may benefit from faster access to critical parts (via the enhanced logistics network) and improved digital tools for ordering and diagnostics. The integration of the two networks also raises opportunities for service-centre cross-coverage, mobile repair-out teams and bundled service/parts solutions.