LOS ANGELES, Nov. 3, 2008 (GLOBE NEWSWIRE) -- PartsChannel, Inc. today announced the sale of the company by a Taiwan-based investor group and its purchase by Prudential Capital Partners III with participation of management. Terms of the purchase were not disclosed. The company also announced the appointment of John M. Palumbo as its chief executive officer, a newly created position.
Palumbo, 52, will be based in Los Angeles. He most recently held the position of chief financial officer for Solar Integrated Technologies. Previously, Palumbo served from 1996 to 2006 as chief financial officer of Keystone Automotive Industries, Inc., which was acquired in October 2007. A Certified Public Accountant, he earned a Bachelor of Science degree in finance from Canisius College in Buffalo, New York, as well as an Executive Master of Business Administration degree from The Peter F. Drucker Claremont Graduate University.
"John's aftermarket parts industry experience and financial expertise were attractive qualities in his selection at an important junction in the company's evolution. The company is committed to expanding its customer base by leveraging its industry reputation for quality generic parts, with a dedicated focus on customer service. We are delighted that John has decided to join our organization and look forward to his counsel and leadership as we implement the company's growth strategy," said Ray Chen, president of PartsChannel, Inc.
"I have known Ray and his team for several years and appreciate the opportunity to return to an industry that has been an important part of my professional career. The aftermarket collision repair parts industry has solid growth potential and I look forward to a long and successful relationship with PartsChannel," said Palumbo.
"I have a great deal of admiration for what Ray and his management team have accomplished and I am excited about joining the PartsChannel organization," Palumbo added.
About PartsChannel, Inc.
PartsChannel, Inc. is a privately held distributor of automotive collision repair parts. Its product lines include: bumpers, hoods, fenders, grilles, panels, lights, radiators, condensers and related automotive parts used in repairing damaged vehicles. The company's products are sold to automotive repair shops and independent distributors throughout the United States. Additional information is available at www.partschannel.com