Private investment firm Paratus Capital Management along with Fleet Capital Corp. is funding a management buyout of heavy-duty truck parts distributor TruckPro from its parent company, AutoZone.

TruckPro, headquartered in Memphis, distributes heavy-duty truck parts through 49 locations in eleven states, primarily in the southeast and midwest U.S.

TruckPro was founded in Memphis in 1958 as the Haygood Truck and Trailer Parts Co. and is one of the largest independent distributors of heavy-duty truck parts in the U.S. TruckPro's customers include national and regional truck fleets, independent truck operators, and independent repair shops.

David Wilson, a Paratus Capital partner, said his firm hopes to expand TruckPro through both internal growth and selective acquisitions.

"The fact that the senior management team at TruckPro is committing its money and professional careers to the transaction confirms our belief that TruckPro is a first-class company with terrific prospects," he said.