Truck Hero Inc. in Ann Arbor, a provider of aftermarket accessories for pickup trucks and Jeep vehicles, today announced it has entered into a definitive agreement under which CCMP Capital and a consortium led by L Catterton and its affiliates will acquire a controlling interest in the company.
Terms of the deal were not disclosed.
The consortium includes a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), as well as Mubadala Investment Co. and StepStone Group Inc. CCMP, among other shareholders, and Truck Hero’s founding CEO, Bill Reminder, will remain meaningful investors in the company. Terms of the transaction were not disclosed.
Founded in 2007, Truck Hero manufactures branded functional truck and Jeep accessories and operates an online presence selling directly to consumers through RealTruck.com.
“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,” says Marc Magliacano, managing partner at L Catterton.
“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.”
The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Jefferies is serving as lead financial advisor, Robert W. Baird & Co. is serving as financial advisor, and Ropes & Gray is acting as legal counsel to Truck Hero.
BofA Securities is serving as financial advisor and Kirkland & Ellis is acting as legal counsel to the L Catterton-led consortium. Debt financing will be provided by Jefferies and BofA Securities.
Truck Hero’s product offering includes 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.
The company’s brands include 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, and UnderCover.
L Catterton has more than $22 billion of equity capital across its fund strategies and 17 offices globally. Since 1989, the firm has made over 200 investments in leading consumer brands. For more information, visit here.
CCMP Capital Advisors specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. With offices in New York and Houston, CCMP invests in three primary industries: consumer, industrial and health care. Selected investments under management include: Founder Sports Group, Eating Recovery Center, Hayward, The Hillman Group, Jetro Cash & Carry, PQ Corp., Shoes For Crews and Truck Hero.