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Keystone Auto to Buy Minnesota Firm

December 04, 1996|Times Staff and Wire Reports

Pomona-based Keystone Automotive Industries Inc. reached an agreement in principle to merge with privately held North Star Plating Co., the second-largest distributor of collision repair parts. Terms of the deal were not disclosed. Brainerd, Minn.-based North Star had revenue of $27 million for its most recent six-month period. For the six months ended Sept. 30, Keystone had sales of $63.54 million, and net income of $2.31 million. Since going public in June, Keystone--the largest U.S. distributor of aftermarket collision repair parts, has made four similar acquisitions of smaller parts distributors. The acquisition of North Star would expand its distribution network to 31 states, up from 26. Shares of Keystone rose 87.5 cents to close at $16 on Nasdaq.

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