Investcorp Acquires FleetPride Corporation, the Largest U.S. Independent Distributor of Aftermarket Heavy-Duty Truck and Trailer Parts.
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 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. 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 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.
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.
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 of approximately $9.5 billion.
In the United States, Investcorp and its clients currently own corporate investments that include American Tire Distributors, CCC Information Services 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/