Highlander acquired Lund International in April 2011 and after nine add-ons acquisitions, merged it with Truck Hero in May 2019. Partnering with CCMP Capital, who acquired Truck Hero from TA Associates in 2017, Highlander assisted in growing Truck Hero into a clear leader in aftermarket automotive accessories. Highlander and CCMP, among other shareholders, and Truck Hero’s founding Chief Executive Officer, Bill Reminder, will remain meaningful investors in the Company. Terms of the transaction were not disclosed.
Founded in 2007, Truck Hero is a manufacturer and marketer of branded functional truck and Jeep accessories.
“We are very pleased to see the success that Truck Hero has achieved during our ownership period. From our early investment in Lund, we were aware that this industry was ripe for consolidation and to see this transpire as desired is very gratifying,” said Jeff L. Hull, President and CEO of Highlander and a Director of Truck Hero. Hull added, “Bill Reminder and his team have demonstrated incredible vision and executed a perfect strategy. We believe they will continue to have immense success and L Catterton is an ideal partner to take Truck Hero to another level. We have thoroughly enjoyed our partnership with CCMP and really appreciate the close working arrangement we had. This is an outstanding outcome for everyone.”
The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions.
