Investcorp has completed the sale of FleetPride, North America’s largest truck and trailer parts distributor, to TPG for more than $1 billion.
Since its acquisition of FleetPride in 2006, Investcorp has supported 31 different add-on acquisitions by the company, strengthening its cross-country supply chain and adding total acquired sales of over $270 million. Investcorp helped increase FleetPride’s branch count to 248 with operations in 45 U.S. states. Investcorp’s initiatives increased the company’s EBITDA from $52 million at the time of purchase in June 2006 to over $100 million forecasted for 2012, helping generate a net return of more than 200% for investors.
“FleetPride represents the type of core, mid-market corporate investment that we typically target in the U.S. We worked closely with FleetPride’s management team from a very early stage in our investment to successfully implement strategic growth plans, thereby enhancing the company’s operations. The success of the FleetPride investment is a testament to our ability to grow our portfolio companies, even during challenging economic conditions, while maximizing the returns for our investors,” said Steve Puccinelli, Managing Director at Investcorp and Head of Corporate Investment for North America and Europe.
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).
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).
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).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-27-12
