NEW YORK & ANN ARBOR, Mich.--(EON: Enhanced Online News)--CCMP Capital Advisors, LP (“CCMP”) and Truck Hero (“the company”) today announced that they have entered into a definitive agreement under which affiliates of CCMP will acquire a controlling interest in Truck Hero, a leading provider of highly functional aftermarket accessories for pickup trucks and Jeeps. TA Associates (“TA”), the current holder of a majority interest in Truck Hero, and Truck Hero’s founding Chief Executive Officer Bill Reminder and Chief Operating Officer Kelly Kneifl, will remain significant investors in the company as part of the transaction. Terms of the transaction were not disclosed.
“We are thrilled to partner with Bill, Kelly and TA to acquire Truck Hero, which has become a fast-growing market leader through relentless innovation, brand-building and customer service”
Founded in 2007, Truck Hero is the market leader in providing a wide range of functional accessories that enhance customers’ use of their pickup trucks and jeeps. Through its superior engineering, successful new product introductions and the acquisition of strategically and financially attractive add-on brands and products, the company has rapidly grown and today is the market leader across all channels of distribution in the vast majority of its business segments.
“We are thrilled to partner with Bill, Kelly and TA to acquire Truck Hero, which has become a fast-growing market leader through relentless innovation, brand-building and customer service,” said Rich Zannino, a Managing Director at CCMP. “We look forward to working with Bill and his highly talented team to build on the company’s outstanding record of growth.”
“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,” said Mr. Reminder. “With their deep experience and long track record of successfully partnering with companies like ours, we are confident CCMP is the ideal partner to help us achieve even greater heights.”
“Since investing in Truck Hero in 2014, TA Associates has been privileged to partner with Bill Reminder and his team, and we are proud of the growth and accomplishments of the business over this period,” said Michael Berk, a Managing Director at TA. “We look forward to continuing our partnership with management and working alongside CCMP as Truck Hero continues to execute on its organic growth and add-on acquisition strategies.”
The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions. Ropes & Gray LLP advised CCMP on the transaction. Jefferies LLC is providing the financing and Jefferies LLC and JP Morgan Securities LLC are serving as advisors to Truck Hero and Goodwin Procter LLP is acting as legal counsel.
About Truck Hero
Truck Hero is the largest aftermarket supplier and online retailer of functional accessories in the fast growing aftermarket truck and jeep accessories market. Headquartered in Ann Arbor, Michigan, Truck Hero was created through the merger of leading truck cover brands Extang and TruXedo in 2007. Through its extensive product innovation and strategic acquisitions of other strong accessory brands, the company quickly became the industry leader. The Truck Hero team’s focus is to provide products that enhance the functionality and aesthetics of pickup trucks and enable customers to customize and personalize their pickup trucks and jeeps with innovative products born from high-quality materials, superior engineering and cutting-edge manufacturing.
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, Houston and London, CCMP invests in three primary industries: Consumer/Retail, Industrial/Chemicals, and Healthcare. Selected investments under management include: Badger Sportswear, The Hillman Group, Jamieson Laboratories, Jetro Cash & Carry, Milacron, PQ Corporation, Pure Gym, and Shoes For Crews.