Keystone Automotive Operations Inc. has confirmed that Martin Street, president and CEO of Stag-Parkway Inc., will be resigning this month. Keystone Automotive acquired the Atlanta-based distributor of RV aftermarket parts and accessories on Oct. 6.
“We extend our sincere gratitude to Martin for his professionalism and cooperation during the acquisition of Stag Parkway by Keystone Automotive Operations, and wish him every success in all future endeavors,” Justin Jude, president of Exeter, Pa.-based Keystone Automotive, told RVBUSINESS.com. “The leadership team at Keystone Automotive Operations has been and will be working closely with the executives at Stag on the integration of the two companies.”
In a letter to dealers prior to the official announcement of the acquisition on Oct. 6, Joe Santangelo, vice president and general manager of Keystone Automotive subsidiary NTP Distribution Inc., noted, “The combination of NTP and Stag-Parkway brings together two leading companies in the RV space that are committed to delivering greater value to customers and suppliers while remaining focused on growing our combined businesses. By integrating the very best of both companies we will take advantage of the industry leading processes that have been established and honed independently.”
Keystone’s parent, LKQ Corp., has been in an acquisitive mode of late, having finalized the acquisition of Keystone for $450 million in the first quarter of 2014. And, according to the company’s July 31 quarterly report, “Our 2014 acquisition of Keystone Automotive in our specialty segment is performing well and ahead of our expectations,” stated Robert L. Wagman, president and chief executive officer of LKQ.
In the second quarter alone, LKQ acquired 11 different companies, the quarterly filing with the U.S. Securities and Exchange Commission (SEC) indicates.