Due to the significant growth of its national sales force, Atlanta-based Stag-Parkway Inc. announced it has created “an additional management level to help improve both sales leadership and customer service.”
According to a news release, regional sales managers Bob Barra and Steve Stewart have been promoted to divisional vice presidents. Barra, formerly responsible for the Midwest, will now oversee the Eastern United States. Stewart, who handled the West Coast region, will now be responsible for West division.
“We wanted to create a layer in our sales management structure that would facilitate giving more attention to personnel development, strategic sales planning and customer care,” said Craig Mellor, senior vice president of sales for Stag-Parkway. “As the needs of the market and our customers have changed, we felt this investment in our sales team would create an environment where our staff and customers would realize benefits that promote growth.”
With the change, Stag-Parkway now divides the country into two regional sales divisions – East and West. The Eastern division includes the warehouses, call centers and technical call center in Elkhart, Ind., Hanover, Md., Worcester, Mass., Leesburg, Fla., Des Moines, Iowa, and Atlanta. The Western division includes the warehouses and call centers in Portland, Ore., Ontario, Calif., Arlington, Texas, San Antonio, Denver and Salt Lake City.
In total Stewart and Barra will be managing the efforts of more than 100 inside and outside sales people – the largest distributor sales force dedicated specifically to the needs of the RV aftermarket and its dealers.
Barra joined Stag-Parkway in 2004 and is a sales veteran in the recreational business market. After graduating from Miami University and earning his master’s degree at Southern Illinois University, Barra held several sales management positions for Outboard Marine Corp. in the power products division. Prior to joining Stag-Parkway, he was the national sales director for Bernina of America.
“My new position as divisional vice president for the Eastern division is going to give me the chance to deploy some of the strategies we used in the Midwest that helped us earn Stag’s Region of the Year Award,” he said. “We won by focusing on our customer’s needs, responding quickly and thoroughly and advocating the importance of a strong retail presence in RV dealerships. I plan to bring that energy and commitment to the Eastern division.”
Stewart grew up in the RV industry working in his father’s RV dealership in Northern California in 1979. He worked as the parts and service director for two other Northern California dealerships before joining Stag-Parkway in 1997. Stewart was promoted to regional sales manager in 2003.
“As the new Western division vice president of sales I am very excited to now be able to share my experience on a larger scale for a very dynamic and growing segment of the country,” he said.
Mellor added, “We want to see RV dealers continue to be successful and grow their businesses and all our programs and our focus is on driving that growth with them.”
For more information on Stag-Parkway, visit www.stagparkway.com or call 404-349-1918.
Ares Capital Corp. announced April 1 that it has completed its merger with Allied Capital Corp., parent company of Stag-Parkway Corp., becoming the largest business development company measured by market capitalization and total portfolio companies under management, according to a press release.
“We are very excited to close our merger with Allied, which we expect to be transformational for our business and beneficial to all of our shareholders,” stated Michael Arougheti, president of Ares Capital. “With this combination, we believe that Ares Capital is now the clear leader in the middle market sector — with significant market coverage, increased scale, a stronger capital base and competitive relevance, all of which we anticipate will allow us to more fully take advantage of the current attractive investment environment.”
The merger increases Ares Capital’s estimated committed capital under management to approximately $12 billion as of March 31, and expands its market coverage to a total of 61 dedicated investment professionals located in five offices in New York, Washington, D.C., Los Angeles, Chicago and Atlanta. With a larger capital base and expanded portfolio as a result of the merger, Ares Capital has the opportunity to substantially increase its average commitment sizes and final investment positions.
As previously announced, Allied Capital stockholders received the right to 0.325 shares of Ares Capital common stock for each share of Allied Capital common stock held immediately prior to the merger (subject to adjustment for fractional shares to be paid in cash), resulting in approximately 58.5 million newly issued shares of Ares Capital common stock.
“Since the signing of the merger agreement, tremendous progress has been made to better position Ares Capital for future growth,” added Arougheti. “We are already hard at work to continue executing our stated strategy to optimize Allied’s portfolio for higher returns as well as to take advantage of favorable market opportunities.”
At closing, Ares Capital retired in full Allied Capital’s $250 million senior secured term loan arranged by J.P. Morgan Securities Inc. on January 29, 2010. Ares Capital also assumed all of Allied Capital’s other outstanding debt obligations, including approximately $745 million in Allied’s publicly traded unsecured notes. As previously disclosed, Ares Capital’s revolving commitments increased by $75 million to $690 million with the closing of the Allied merger.