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Investcorp Acquires FleetPride Corporation, the Largest U.S. Independent Distributor of Aftermarket Heavy-Duty Truck and Trailer Parts.



NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, and THE WOODLANDS, Texas, June 7 /PRNewswire/ -- FleetPride Corporation, the largest independent distributor of aftermarket heavy-duty truck and trailer parts in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today 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.

With 156 distribution branches strategically located throughout the country, FleetPride has the broadest national footprint in the industry. The company's comprehensive product and service offering includes heavy-duty truck and trailer replacement parts such as brake and wheel-end parts, drive-train parts, engine-related components, hydraulic and suspension parts. FleetPride has developed a base of over 50,000 nationwide customers across a range of end markets.

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 (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become  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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  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. Mr. Dunn said, "FleetPride thanks Aurora Capital Group for their support over the past eight years. They have been outstanding partners and we look forward to an equally productive relationship with Investcorp and Banc of America Capital."

Watch Hill Partners LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 served as financial advisor to Investcorp and Banc of America Capital Investors on the transaction. Financing was provided by Bank of America
See also:  and


Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world.
 and Deutsche Bank. Harris Williams & Co. served as financial advisor to Aurora Capital Group and the prior investment group.

About FleetPride

Based in The Woodlands, Texas, FleetPride (http://www.fleetpride.com/) is America's premier nationwide supplier of truck and trailer parts and service, operating nearly 160 locations in 36 states. The company carries a full line of nationally recognized brand name parts, as well as an assortment of private brand parts. In addition, FleetPride offers in-house remanufactured products such as brake shoes, transmissions, rear axles and driveline components. Truck and trailer repair services are also offered at a number of locations.

FleetCare (http://www.fleetcare.info/), America's premier truck and trailer service center network, has more than 148 service providers affiliated with FleetPride. FleetCare offers services for all makes, models and locations, 24/7 toll-free locator service, dedicated website, highly trained technicians, brand name parts, nationwide parts warranty and roadside assistance in many locations.

About Investcorp

Investcorp is a global investment group with offices in London, New York and Bahrain. The firm has four lines of business: private equity, real estate investment, hedge funds and venture capital. It was established in 1982 and now manages total investments in alternative assets Alternative Assets

A term referring to non-traditional assets with potential economic value.

Notes:
Examples of alternative assets include art and antiques, precious metals, fine wines, rare stamps and coins, and other collectibles such as sports cards.
 of approximately $9.5 billion.

In the United States, Investcorp and its clients currently own corporate investments that include American Tire Distributors, CCC CCC

A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa.
 Information Services See Information Systems.  and SourceMedia. In Europe, Investcorp and its clients currently own corporate investments that include Autodistribution, OREFI Participation, Polyconcept, APCOA, and Hilding Anders. Further information is available at http://www.investcorp.com/.

About Banc of America Capital Investors

Banc of America Capital Investors is a private equity partnership that manages over $2 Billion of capital for Bank of America.

About Aurora Capital Group

Aurora Capital Group is a Los Angeles-based investment firm formed in 1991 that acquires and builds companies in partnership with operating management.
  Contacts:  For Investcorp               For Aurora Capital Group
             Todd Fogarty/Joe Kuo         Gerald L. Parsky/Mark C. Hardy
             Kekst and Company            310-551-0101
             212-521-4800



CONTACT: Todd Fogarty, or Joe Kuo, both of Kekst and Company for Investcorp, +1-212-521-4800; or Gerald L. Parsky, or Mark C. Hardy, both for Aurora Capital Group, +1-310-551-0101

Web site: http://www.fleetpride.com/ http://www.fleetcare.info/ http://www.investcorp.com/
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Publication:PR Newswire
Date:Jun 7, 2006
Words:758
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