Truck Hero, Inc. Announces Strategic Acquisition of Lund International
ANN ARBOR, MI… Truck Hero, Inc.
(“Truck Hero” or the “Company”) has announced the strategic acquisition of Lund
International Holding Company (“Lund”), a portfolio company of Highlander
Partners, LP. Lund, based in Buford, Georgia, is a leading
designer, manufacturer, and marketer of branded automotive accessories for a
full assortment of passenger cars, light trucks, SUVs, CUVs and Jeeps, as well
as the heavy truck category. The transaction terms were not disclosed.
Truck Hero is a market leader in providing a wide range of functional
pickup truck and Jeep accessories that match consumers’ lifestyles and enhance
the use of their vehicles. The Company benefits from market-leading
brands, an extensive distribution network, channel diversification and
dedicated sales capabilities. This transaction adds a highly
complementary product portfolio that further diversifies the Company’s product
category mix and increases exposure to a larger addressable market of
vehicles.
Founded in 1965, and with roots dating back to the 1920s, Lund
International started in Anoka, Minnesota with a mission: To lead the industry
in meeting customer needs for innovative automotive accessories. Lund
International is now one of the world's leading automotive accessories
providers, offering highly functional, protective and stylish products in over
30 categories from many of the industry's most recognized brand names
including: AMP Research, AVS, Belmor, Bushwacker, LUND, Rampage Products,
RoadWorks Manufacturing, Roll-N-Lock, Stampede Automotive Accessories and
TonnoPro.
“This is an opportune time to bring Truck Hero and Lund together,”
said Bill Reminder, President and CEO of Truck Hero. “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.”
Mr. Fogle stated, “We believe the merger of these two great companies is
a winning combination. Together we manufacture and commercialize market
leading brands that encompass the broadest product offering of vehicle
accessories. We are extremely happy to join Bill and the Truck Hero
family to continue to drive innovation across the industry.”
"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."
Jeff L. Hull, President and CEO of Highlander Partners added, “We decided that
the combining of Lund into Truck Hero was an outstanding opportunity to further
enhance an already successful investment. 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.”
This transaction marks Truck Hero’s fifteenth acquisition since its
formation in 2007 and is well aligned with the Company’s growth strategy of
acquiring businesses within the vehicle accessory market that further diversify
its product portfolio into attractive, complementary, high growth segments.
Ropes & Gray LLP advised Truck Hero and CCMP on the transaction.
Katten Muchin Rosenman LLP advised Lund and Highlander. Jefferies provided
financing and served as advisors to Truck Hero.
About Truck Hero, Inc.
Headquartered in Ann Arbor, MI, Truck Hero provides consumers a full
range of truck bed covers and other truck and Jeep accessories with market
leading functionality, engineering, quality, and design. The breadth of
Truck Hero’s product offering is vast, including: hard and soft truck bed
covers, truck caps, bed liners, floor liners, steps, suspension kits, Jeep®
parts and off-road accessories. Truck Hero’s industry leading family of brands
includes Advantage, A.R.E., BACKRACK, BAK, BedRug, Extang, Husky Liners, N-FAB,
Omix-ADA, Retrax, Rugged Liner, Rugged Ridge, Superlift, TruXedo, UnderCover
and an online retailer, RealTruck. All of the companies in the Truck Hero
family are recognized as premier brands and are leaders in product innovation.
For more information, please visit our website at truck-hero.com.
About Lund International
Lund International Holding Company is a leading designer, manufacturer, and marketer of branded automotive accessories for a full assortment of passenger cars, light trucks and Jeep, as well as the heavy truck category. Its products include Ventvisors®, hood shields, Powersteps™, floor mats, fender flares, tonneau covers, storage boxes, nerf bars and running boards, among others. Lund offers the industry’s broadest range of functional body and appearance products that provide customers with ways to customize and personalize their vehicles under the brand names of Lund, AVS, Belmor, AMP Research, Rampage, Bushwacker, Roll-N-Lock, TonnoPro and Stampede. For more information about Lund, please visit lundinternational.com.