GREENWICH, Conn. and
NEW YORK and ANN ARBOR, Mich., Dec.
8, 2020 /PRNewswire/ -- L Catterton and CCMP Capital
("CCMP") today announced that they have entered into a definitive
agreement under which a consortium led by L Catterton and
its affiliates will acquire a controlling interest in Truck Hero®,
Inc. ("the Company"), the leading provider of functional
aftermarket accessories for pickup trucks and Jeep® vehicles.
The consortium includes a wholly-owned subsidiary of the Abu
Dhabi Investment Authority (ADIA), as well as Mubadala Investment
Company and StepStone Group Inc. (Nasdaq: STEP). CCMP, among other
shareholders, and Truck Hero's founding Chief Executive Officer,
Bill Reminder, will remain
meaningful investors in the Company. Terms of the transaction were
not disclosed.
Founded in 2007, Truck Hero is the industry-leading innovator,
manufacturer, and marketer of branded functional truck and Jeep
accessories that enhance the experience for consumers' daily
activities and enthusiast lifestyles. Through superior engineering
and innovation, established customer relationships, and strategic
acquisitions, Truck Hero has grown rapidly and today is the
undisputed leader in its core products and channels. The Company is
recognized as a trusted partner to the dealer community for which
it provides category-defining products and service, and it has
established a leading online presence selling directly to consumers
through RealTruck.com.
"Over the course of Truck Hero's history, our team's relentless
focus on providing superior products and service has grown Truck
Hero into the aftermarket industry's most respected player," said
Mr. Reminder. "With their long track record of successfully
partnering with and growing enthusiast brands that resonate with
consumers, L Catterton is the ideal partner to help us take
Truck Hero to even greater heights. CCMP has played a vital role in
Truck Hero's growth since 2017, and we thank them for their
incredible partnership and support."
Marc Magliacano, Managing Partner
at L Catterton, said, "We are thrilled to acquire Truck Hero
and partner with Bill and CCMP at this exciting moment in the
Company's history of market leadership, innovation, and growth. We
are especially excited about the potential for RealTruck.com, Truck
Hero's direct to customer online marketplace that has become the
go-to online retailer for truck enthusiasts across the country. We
look forward to working with Bill and his proven team to build upon
Truck Hero's position as the trusted authority in truck and Jeep
personalization and utility."
"CCMP has been privileged to partner with Bill Reminder and his
team since 2017, and we are proud of Truck Hero's growth and
accomplishments during our ownership," added Joe Scharfenberger, Managing Director at CCMP.
"Our deep respect and admiration go out to Bill and the team, and
we congratulate L Catterton and look forward to Truck Hero
continuing to execute on the growth opportunities that lie
ahead."
The transaction is expected to close in the first quarter of
2021, subject to customary closing conditions. Jefferies LLC is
serving as lead financial advisor, Robert W. Baird & Co. is
serving as financial advisor, and Ropes & Gray LLP is acting as
legal counsel to Truck Hero. BofA Securities is serving as
financial advisor and Kirkland & Ellis LLP is acting as legal
counsel to the L Catterton-led consortium. Debt financing
will be provided by Jefferies and BofA Securities.
About Truck Hero
Headquartered in Ann Arbor,
Michigan, Truck Hero provides consumers a full range of
branded automotive accessories for trucks, Jeep® brand vehicles and
cars, with market leading functionality, engineering, quality, and
design. The breadth of Truck Hero's product offering is vast,
including hard and soft truck bed covers, truck caps, bed liners,
floor liners, fender flares, steps, suspension kits, Ventvisors®,
Jeep® brand vehicle parts and off-road accessories. Truck Hero's
industry leading family of brands includes Advantage Truck
Accessories™, Alloy USA™, AMP Research®, A.R.E.®, Auto Ventshade®,
BAK Industries®, BACKRACK®, BedRug®, Belmor®, Bushwacker®, Extang®,
Husky Liners®, LUND®, N-FAB®, OMIX™, Rampage Products®, Retrax®,
RoadWorks®, Roll-N-Lock®, Rugged Liner®, Rugged Ridge®, Stampede™,
Superlift®, Tonno Pro®, TruXedo®, UnderCover® and an online
retailer, RealTruck®. All of the companies in the Truck Hero family
are recognized as premier brands and are leaders in innovation. For
more information, please visit our website at truck-hero.com.
About L Catterton
With over $22 billion of equity
capital across its fund strategies and 17 offices globally,
L Catterton is the largest and most global consumer-focused
private equity firm in the world. L Catterton's team of
nearly 200 investment and operating professionals partners with
management teams around the world to implement strategic plans to
foster growth, leveraging deep category insight, operational
excellence, and a broad partnership network. Since 1989, the firm
has made over 200 investments in leading consumer brands. For more
information about L Catterton, please visit
www.lcatterton.com.
About CCMP Capital
CCMP Capital Advisors, LP ("CCMP") specializes in middle market
buyouts and growth equity investments of $100 million to $500
million in North America
and Europe. CCMP focuses on
generating alpha through the operational transformation and growth
of its portfolio companies. With offices in New York and Houston, CCMP invests in three primary
industries: Consumer, Industrial and Healthcare. Selected
investments under management include: Founder Sports Group, Eating
Recovery Center, Hayward, The Hillman Group, Jetro Cash & Carry, PQ Corporation, Shoes
For Crews and Truck Hero.
Contact
Truck Hero, Inc.
Sean
Marks
(800) 253-7692
L Catterton Consortium
Andi Rose / Kate
Thompson
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
CCMP Capital
Andrew
Cole/Brooke Gordon/Columbia
Clancy
Sard Verbinnen & Co
212-687-8080
Disclaimer: Jeep® is a registered trademark of FCA US LLC. Truck
Hero, Inc is not affiliated with FCA US LLC.
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SOURCE L Catterton