Ann Arbor-based Truck Hero Inc., a provider of functional accessories for pickup trucks and Jeeps, recently announced a definitive agreement giving CCMP Capital Advisors a controlling interest of the company.
As part of the transaction, TA Associates, the current holders of a majority interest in Truck Hero and Truck Hero’s founding CEO, Bill Reminder, and COO, Kelly Kneifl, will remain as significant investors in the company and retain their current positions.
“Over the last decade, our team has done a tremendous job earning customers’ trust through great products and service. Together we’ve built the market’s largest and most respected player,” says Reminder. “With their deep experience and long track record of successfully partnering with companies like ours, we are confident CCMP is the ideal partner.”
Founded in 2007, Truck Hero provides a full range of truck bed covers and other truck and Jeep products, with brands including Extang, TruXedo, BedRug, UnderCover, Advantage, Retrax, BAK, A.R.E., N-FAB, Husky Liners, and Rugged Liner.
The transaction is expected to close in the second quarter of 2017, and is subject to customary closing conditions. Ropes and Gray advised CCMP on the transaction. Jefferies is providing the financing, and Jefferies and J.P. Morgan are serving as advisors to Truck Hero, while Goodwin is acting as legal counsel. Terms of the transaction were not disclosed.