TPG Acquires FleetPride
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TPG Acquires FleetPride

FleetPride, a retailer of heavy-duty truck and trailer parts owned by Investcorp, has signed an agreement to be acquired by TPG. The transaction is expected to close in the fourth quarter of 2012.

The transaction has fully committed financing, consisting of a combination of equity to be invested by TPG and debt financing to be provided by Deutsche Bank Securities, Bank of America Merrill Lynch, and RBC Capital Markets.

FleetPride is a supplier and retailer of heavy-duty truck and trailer parts. The company carries a full line of brand-name parts as well as an assortment of private label brand parts. FleetPride also offers in-house remanufactured products such as brake shoes and driveline components and truck and trailer repair services. The company has 248 locations in 45 states and is based in The Woodlands, TX (www.fleetpride.com).

“As the leading independent distributor of aftermarket truck and trailer parts in North America, FleetPride has a strong reputation for its broad inventory, parts availability and customer service,” said Kevin Burns, partner at TPG. “The company has demonstrated an impressive track record of growth, which we hope to continue to support in the future.”

TPG has expertise in industrial distribution and the vehicle aftermarket sector in particular. Its portfolio companies include American Tire Distributors, one of the largest tire wholesalers in the U.S. with 104 distribution centers in 45 states, and Nexeo Solutions, a global chemicals and plastics distribution company.

“We are extremely excited to enter the next phase of our growth strategy with TPG and I am very proud of the teamwork and effort our FleetPride employees across the country have demonstrated in the execution of this strategy,” said W.M. McGee, Chairman and CEO of FleetPride. “We welcome our new partner who shares our commitment to superior customer service and continued growth in the markets that are essential for the country’s economic stability. TPG’s vision for expansion through acquisition and greenfield opportunities will enable FleetPride to better serve our existing customers as we aggressively grow our national footprint.”

TPG is a private investment firm founded in 1992 with approximately $51 billion of assets under management. Sectors of interest include industrials, retail, consumer, financial services, travel and entertainment, technology, media and communications, and healthcare. TPG makes investments throughout North America, Europe, Asia and Australia. The firm has offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Tokyo (www.tpg.com).

Investcorp invests in mid-size companies operating in a wide array of industry sectors that have total enterprise values of between $200 million and $1 billion and are located in North America or Western Europe. The group has offices in London, UK and New York, NY (www.investcorp.com).

Deutsche Bank Securities and RBC Capital Markets served as financial advisors to TPG in the transaction. Bank of America Merrill Lynch, Citi and J.P. Morgan acted as joint financial advisors to FleetPride in connection with the transaction.

© 2012 PEPD • Private Equity’s Leading News Magazine • 10-10-12

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