Lund International, a portfolio company of Highlander Partners, has acquired Bushwacker, a maker of protective vehicle accessories.
Bushwacker is a designer, manufacturer, marketer, and distributor of branded aesthetic and protective vehicle accessories that are sold through both aftermarket and original equipment channels. The company’s products include a variety of fender flares, bedrail and tailgate caps, vehicle cladding, bumper protectors, wind deflectors, and hood protectors marketed under both the Bushwacker and Stampede brand names. Bushwacker was founded in 1967 and is headquartered in Portland, OR (www.bushwacker.com).
“With the addition of Bushwacker, Lund will enhance its standing as the broadest product line manufacturer of aftermarket automotive accessories and continue to enhance its offerings in each category,” said Mitch Fogle, President and CEO of Lund.
The operations of Bushwacker will continue to be conducted from its existing facilities and will be led by Bushwacker’s President and CEO Russ Morgan, who will join the Lund International team.
“This acquisition, Lund’s fifth since Highlander acquired the company in 2011, is the largest addition to date and significantly strengthens Lund’s geographic presence and unmatched depth of product offering in the automotive aftermarket accessories market,” said Jeff Hull, Chairman of Lund and Managing Partner of Highlander. “We are excited to continue leveraging the strength of our brand and distribution capabilities to ensure Bushwacker’s products reach the broadest audience possible. Additionally, Bushwacker will also significantly add to our Jeep offering, which was recently enhanced with our acquisition of Rampage Products in December 2014.”
Lund International is a designer, manufacturer and marketer of branded automotive aftermarket accessories for passenger cars, light trucks, and heavy trucks. Its products include vent visors, hood shields, floor mats, tonneau covers, storage boxes, and running boards, among others. The company is based in Buford, GA (www.lundinternational.com).
Highlander Partners makes investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Sectors of interest include healthcare, basic manufacturing, food, and building materials. The firm has over $500 million in capital under management and is based in Dallas (www.highlander-partners.com).
Regions Business Capital, as Administrative Agent, along with a syndicate of participating lenders, provided senior financing and AEA Mezzanine Fund III LP provided mezzanine debt in support of the transaction.
Deloitte Corporate Finance (www.investmentbanking.deloitte.com) served as the exclusive financial advisor to Bushwacker. Deloitte previously served as buy-side advisor to Bushwacker during its 2012 acquisition of Stampede Products.
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-28-15
