Wheel Pros, a portfolio company of Clearlake Capital has acquired Performance Replicas, a distributor of factory reproduction replica wheels.
Performance Replicas was founded in 2010 by Dave Berry and is headquartered in Riverside, California. Wheel Pros currently carries Performance Replicas wheels as part of its product catalog and expects to grow the brand through added distribution and marketing.
Wheel Pros is a leading designer, marketer, and distributor of more than two dozen branded automotive aftermarket wheels, performance tires, and accessories. The company’s products are distributed through 30 distribution centers across the United States, Canada, and Australia.
“Adding Performance Replicas to the Wheel Pros family helps us better serve our enthusiast customers who drive a wide range of vehicles and desire a variety of styles,” said Randy White, CEO and co-founder of Wheel Pros. “By offering factory reproduction wheels in addition to our 22 proprietary wheel brands, we not only cater to all driver types, but we also simplify the shopping experience, serving as the one-stop-shop for enthusiasts’ different wheel needs.”
Wheel Pros was founded in 1995 and is headquartered near Denver in Greenwood Village, Colorado. The company was previously owned by Platinum Equity before being sold in 2014 to Audax. Clearlake acquired Wheel Pros in March 2018 from Audax.
In August 2020, Wheel Pros acquired a manufacturing facility in Auburn, Alabama from Borbet, a German manufacturer of aluminum and alloy wheels. The Auburn facility – with 250 employees – previously produced wheels for OEM customers but is being converted to an aftermarket wheel manufacturing facility. Wheel Pros will now have the capacity to produce more than 1.5 million wheels annually across its manufacturing footprint.
“Wheel Pros has demonstrated incredible resilience this year, managing through the global pandemic and reaching new sales records while remaining vigilant for strategic and accretive acquisitions. The management team has been ahead of the curve in understanding what products their customers want, then executing on a plan to provide those products,” said José Feliciano, co-founder and managing partner at Clearlake. “Furthermore, we are confident that Wheel Pros will continue its strong performance as people spend increasing amounts of time outdoors and continue to upgrade and personalize their vehicles.”
Clearlake invests in industrials and energy; software and technology-enabled services; and consumer sectors. The firm was co-founded by Mr. Feliciano and Behdad Eghbali in 2006 and is headquartered in Santa Monica, California.
In April 2020, Clearlake held a hard cap and oversubscribed final close of its sixth private equity fund, Clearlake Capital Partners VI LP, with more than $7 billion in commitments. Clearlake currently has approximately $25 billion of assets under management.
© 2020 Private Equity Professional | November 10, 2020