Ann Arbor-based Truck Hero, Inc. announced today it was postponing its plan for an initial public offering due to unfavorable market conditions. In a statement, company officials said it will continue to evaluate the timing for the proposed offering as market conditions develop.
“Truck Hero has been experiencing strong organic growth and impressive performance,” said Bill Reminder, Truck Hero’s president and CEO. “We have created significant value, and we are unwilling to sell shares at prices that do not reflect the value we have created. We remain a very healthy company with backing from a supportive financial investor, a strong growth strategy, and great traction in executing against that strategy. We are committed to continuing to execute our plan, and we do not believe this decision will impact our ability to meet our ongoing growth goals.”
Truck Hero is a designer, manufacturer and marketer of branded consumer accessories for pickup trucks.