TruckPro, a portfolio company of Harvest Partners since November 2011, has acquired CCI Corporation from Illinois Tool Works.
CCI provides drivetrain, power take-off, suspension, brakes, hydraulics and related products, as well as repair and rebuilding services, through its network of commercial vehicle parts and service locations, with 100 retail stores, service shops and distribution center locations in the US and Canada.
TruckPro is an independent distributor of heavy duty truck & trailer products. Through a network of 65 store locations, TruckPro distributes a range of products in the areas of brake systems, engines, electrical, drivetrain, and suspensions. The company sells its products to numerous end markets, including small, regional and national trucking companies, private fleets, waste services companies, construction companies, municipalities, and independent repair shops. TruckPro is based in Memphis (www.truckpro.com).
The acquisition of CCI substantially increases the scale and scope of TruckPro’s operations. The newly combined company now has 165 locations across the US and Canada. “Consistent with Harvest’s longstanding strategy of building value through business transformation, the acquisition of CCI will extend TruckPro’s distribution footprint and expand the company’s product and service capabilities,” said Thomas Arenz, Senior Managing Director at Harvest.
Harvest Partners invests in management buyouts and growth financings. Sectors of interest include business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors. The firm was founded in 1981 and is based in New York (www.harvpart.com).
“The strategic combination of TruckPro and CCI greatly advances our vision to establish a leading North American distribution company,” said Christopher Whalen, Managing Director at Harvest. “Our integration plan will leverage the relative strengths of both companies – and particularly the combined organization of over 1,800 sales, service and support associates – to create a compelling value proposition for suppliers and customers.”
Senior debt financing for the transaction was provided by Madison Capital Funding, JPMorgan Chase Bank, CIT Finance, Ally Commercial Finance and NXT Capital. Guggenheim Corporate Funding provided subordinated debt financing.
© 2013 PEPD • Private Equity’s Leading News Magazine • 8-8-13
