FleetPride Corporation, the largest independent distributor of aftermarket heavy-duty truck and trailer parts in the United States, announced that Investcorp, Banc of America Capital Investors, and members of the company's management team have completed the acquisition of FleetPride. Terms of the transaction were not disclosed.
Sean Madden, Managing Director of Investcorp, said, "FleetPride serves a stable and steadily growing industry, driven by strong domestic freight demand and a large and growing installed truck base. The company has built a world- class infrastructure and a scalable operation to offer the highest quality customer service in a fragmented market.
"Against this backdrop, FleetPride's management team has implemented a range of initiatives that have generated significant revenue and EBITDA increases," continued Mr. Madden. "We believe the company is well positioned to sustain this performance, both through add-on acquisitions and organic growth, building on the company's market-leading customer service, national distribution capabilities, robust product offerings, established infrastructure, and efficient and scalable operations."
Todd Dunn, CEO of FleetPride, said, "Investcorp has established a strong investment track record and reputation over the past quarter century, and also has extensive experience investing in distribution-related businesses on both sides of the Atlantic. In Investcorp and Banc of America Capital Investors, we believe we have outstanding partners to work with as we continue to grow the business. We look forward to benefiting from both firms' expertise."
FleetPride was purchased from an investor group led by Aurora Capital Group and including Brentwood Associates and certain pension and endowment funds.
Watch Hill Partners LLC served as financial advisor to Investcorp and Banc of America Capital Investors on the transaction. Financing was provided by Bank of America and Deutsche Bank. Harris Williams & Co. served as financial advisor to Aurora Capital Group and the prior investment group.