Platinum Equity has acquired TruckPro Holding Corporation from Harvest Partners.
TruckPro is a distributor of heavy-duty truck and trailer products including brake systems, electrical systems, suspension systems, hydraulics, power take-off, engines, gears and drivetrains to more than 80,000 commercial and government customers.
The company also provides repair and rebuilding services. TruckPro, founded in 1958, has a network of more than 150 retail stores, service shops and distribution centers throughout the United States and Canada. The company is led by CEO Chuck Broadus and is headquartered in Memphis.
“We have grown and built lasting relationships with our customers by offering quality products and services, expertise, available inventory and fast delivery,” said Mr. Broadus. “Platinum Equity shares our commitment to serving the transportation community with integrity and reliability, and is the right partner to help us achieve the next stage of growth and expansion.”
“TruckPro has an extensive national footprint and extraordinary range of products, but it’s the company’s people that set it apart,” said Jason Price, a principal at Platinum. “A highly knowledgeable sales staff and an impressive customer service function are the backbones of the business.”
“Our plan is to continue steadily growing the business organically and through potential acquisitions, with an emphasis on serving new markets and bringing new products and services into the mix that deliver more value for customers,” added Mr. Price.
Platinum Equity invests in a range of industries including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, and telecommunications. The firm is currently investing from Platinum Equity Capital Partners IV LP, a $6.5 billion buyout fund, and Platinum Equity Small Cap Fund LP, a $1.5 billion buyout fund focused on the lower middle market. The firm has completed more than 250 acquisitions since its founding in 1995 and is headquartered in Beverly Hills.
Harvest Partners, which acquired TruckPro in November 2011, invests in companies that have from $100 million to $1 billion in revenue and $20 million to $100 million in EBITDA. Sectors of interest include business services, consumer services, healthcare services, industrial services, manufacturing and distribution. The firm was founded in 1981 and is headquartered in New York.
Robert W. Baird & Co. and Houlihan Lokey were the financial advisors to TruckPro.
© 2019 Private Equity Professional | October 16, 2019
