Merger Announcement - Two leading suppliers of aftermarket parts for trucks, FleetPride and TruckPro, are merging to form a combined company branded under the FleetPride name, aiming to enhance customer value through improved parts availability, technical expertise, service, and ecommerce experience [1] - The merger is described as a combination of two similar and complementary businesses, serving both B2B and B2C customers with heavy-duty truck service and maintenance [1] Debt Situation - The merger follows a downgrade by Moody's, which cut FleetPride's corporate family rating to Caa1 and maintained a negative outlook, citing high leverage, low interest coverage, and weak liquidity due to negative free cash flow [2][3] - Moody's has since announced that the debt concerns have been resolved, as the problematic debt has been repaid, leading to the withdrawal of its rating on FleetPride [3] Ratings Comparison - S&P Global Ratings also withdrew its rating on FleetPride, assigning a B- rating to one series of outstanding debt, which is higher than Moody's Caa1 rating, indicating a stable outlook compared to Moody's negative outlook [4] Leadership Structure - Tom Greco, the former CEO of Advance Auto Parts, will lead the new combined company, while Chuck Broadus, the current president and CEO of TruckPro, will continue to manage TruckPro during the integration process [6] Financial Details - No sales price or combined value of the new entity was disclosed in the merger announcement, with both companies being owned by private equity firms: FleetPride by American Securities and TruckPro by Platinum Equity [5]