Truck Hero, Inc. and L Catterton announced that they have entered into a definitive agreement under which L Catterton, the largest and most global consumer-focused private equity firm in the world, and its investors will acquire a controlling interest in Truck Hero, a leading provider of highly functional aftermarket accessories for pickup trucks. CCMP Capital Advisors, LP, the current holders of a majority interest in Truck Hero, and Truck Hero’s founding Chief Executive Officer, Bill Reminder, will remain significant investors as part of the transaction. Mr. Reminder will retain his current leadership position. Terms of the transaction were not disclosed.
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 superior engineering, successful new product introductions, marketing channel expertise, and the acquisition of strategically and financially attractive addon 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.
“For over a decade, the Truck Hero team has brought to market a relentless passion for trucks and Jeeps by developing best in class accessories with unmatched customer service,” said Mr. Reminder. “With their extensive knowledge and proven success in developing and elevating consumer brands, L Catterton is the model partner for the next phase of Truck Hero’s growth. 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 digital 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.”
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 investor consortium.
For more information, visit www.truck-hero.com.
Photo credited to Truck-Hero.com