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Koch Equity Developmen, BDT Capital Partners and Penske Partner to Acquire Truck-Lite.

M2 EQUITYBITES-September 28, 2015-Koch Equity Developmen, BDT Capital Partners and Penske Partner to Acquire Truck-Lite


28 September 2015 - An affiliate of US-based Koch Industries, Inc.'s Koch Equity Development LLC acquisition and investment subsidiary and US-based private equity firm BDT Capital Partners, LLC, through its investment funds, have agreed to the acquisition of US-based truck lighting producer Truck-Lite Co., LLC, with Truck-Lite and partnering with US-based transportation services firm Penske Corp., the companies said.

Truck-Lite is a provider of safety lighting and filtration systems for commercial vehicles as well as LED lighting to the off-road industry, and is currently owned by Penske and funds affiliated with Kelso and Co.

Completion of the transaction is expected in 4Q15, subject to customary closing conditions and regulatory approvals. Additional terms of the deal were not disclosed.

Koch Equity Development LLC is the acquisition and investment subsidiary of Koch Industries, Inc.

Based in Wichita, Kansas, Koch Industries, Inc. is one of the largest private companies in America with estimated annual revenues as high as USD 115bn, according to Forbes.

It owns a diverse group of companies involved in refining, chemicals, biofuels and ingredients; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronic components; commodity trading; minerals; energy; ranching; glass; and investments.

Baird and Wells Fargo acted as financial advisors to Truck-Lite. Barclays acted as financial advisor to KED. Debevoise and Plimpton LLP acted as legal advisor to Truck-Lite.

Jones Day and Latham and Watkins LLP acted as legal advisors to KED and BDT.

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Publication:M2 EquityBites (EQB)
Date:Sep 28, 2015
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