POMONA, CA — Keystone Automotive has signed a definitive agreement to acquire the assets of Veng USA, headquartered in Seekonk, MA. Veng USA recorded revenues of approximately $37.1 million over the twelve months ended Aug. 31. Terms of the transaction were not disclosed. The acquisition is scheduled to close on Oct. 31, subject to the satisfaction of certain customary conditions.
“The acquisition complements Keystone’s ongoing strategy to expand its distribution strength and capitalize on the growing demand for generic collision replacement parts. Veng USA is a highly respected leader in the collision parts industry; its products and distribution strength clearly complement Keystone’s existing presence in the New England region,” said Richard Keister, president and CEO of Keystone.
Keister added that Scott Edwards, president and CEO of Veng USA, will join Keystone as a vice president.
“Scott is a highly regarded veteran of the automotive aftermarket industry, leading a talented management team and a group of dedicated employees,” said Keister. “His background and experience serving on the technical committee of the Certified Auto Parts Association, a committee responsible for ensuring high quality standards for the manufacturers of collision replacement parts, will be invaluable moving forward. We are extremely pleased to welcome Scott and the entire Veng USA organization to the Keystone team.”
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