CCMP’s Truck Hero Buys Lund from Highlander

CCMP’s Truck Hero Buys Lund from Highlander

Truck Hero, a portfolio company of CCMP Capital Advisors, has acquired Lund International from Highlander Partners, who will remain as a minority investor. CCMP acquired Truck Hero in April 2017 from TA Associates which remains as a minority investor in the company as well. The buy of Lund is Truck Hero’s fifteenth acquisition since its formation in November 2007 by Kinderhook Industries.

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, fender flares, nerf bars and running boards.

Company-owned brand names include Lund, AVS, Belmor, AMP Research, Rampage, Bushwacker, Roll-N-Lock, TonnoPro and Stampede. Lund is led by CEO Mitch Fogle and is based northeast of Atlanta in Buford, GA (

Truck Hero is a designer and manufacturer of branded aftermarket accessories for pickup trucks. The company’s main products are hard and soft truck bed covers that are available in a variety of materials such as vinyl, plastic and metal, and numerous styles, including retractable, folding, roll-up and snap-on units. Truck Hero’s products also include bedliners, bumpers, steps, floorliners and a variety of other pickup truck accessories. Company-owned brand names include Extang, TruXedo, BedRug, UnderCover, Advantage, Retrax, BAK, A.R.E., N-FAB, Husky Liners, and Rugged Liner. Truck Hero is led by CEO Bill Reminder and is headquartered in Ann Arbor, MI (

“The highly talented Lund and Highlander teams have built a very attractive, profitable and scalable portfolio of functional automotive accessories brands,” said Joe Scharfenberger, a managing director at CCMP Capital.  “We and our partners at Truck Hero welcome them into the Truck Hero family and look forward to realizing the many benefits this combination will bring to our collective customers, employees and shareholders.”

The buy of Lund by Truck Hero adds a complementary product portfolio that further diversifies the Truck Hero’s product category mix and increases exposure to a larger market of vehicles. “This is an opportune time to bring Truck Hero and Lund together,” said Mr. Reminder. “Mitch Fogle and the entire Lund team have built an impressive collection of great companies which will be a perfect match to Truck Hero.  We look forward to working with Mitch and his team to leverage our combined capabilities to further build the company’s position as the foremost source for automotive aftermarket accessories.”

“We decided that the combining of Lund into Truck Hero was an outstanding opportunity to further enhance an already successful investment,” said Jeff Hull, president and CEO of Highlander Partners. “We will be a significant shareholder in the combined company and look forward to continuing our partnership with the Lund management and working alongside Bill and his team at Truck Hero, as well as CCMP, to continue to grow these businesses.”

Highlander 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 manufacturing, consumer products, industrial goods, automotive accessories, packaging, food and beverage, and specialty chemicals. The firm has over $2 billion in assets under management and is based in Dallas (

CCMP makes buyout and growth equity investments of $100 million to $500 million in North America and European companies that have enterprise values of $250 million to $2 billion. Sectors of interest include consumer, industrial and healthcare. CCMP is headquartered in New York with an additional office in Houston (

Jefferies ( provided debt financing to support this transaction and was the financial advisor to Truck Hero.

Ropes & Gray ( provided legal services to Truck Hero and CCMP on this transaction. Katten Muchin Rosenman ( was the legal advisor to Lund and Highlander.

© 2019 Private Equity Professional | May 13, 2019

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