Truck Hero Acquired by Private Equity Firm

Truck Hero Inc. has entered into an agreement to sell controlling interest to CCMP Capital Advisors, a private equity firm with offices in New York City, Houston and London.

TA Associates, the current holders of a majority interest in Truck Hero, and Truck Hero’s founding CEO, Bill Reminder and COO, Kelly Kneifl, will remain significant investors in the company as part of the transaction. Reminder and Kneifl will retain their current leadership positions. Terms of the transaction were not disclosed.

“Over the last decade, our team has done a tremendous job earning customers’ trust through great products and service. Together we’ve built the market’s largest and most respected player,” Reminder said. “With their deep experience and long track record of successfully partnering with companies like ours, we are confident CCMP is the ideal partner to help us achieve even greater heights.”

CCMP Capital Advisors has invested over $16 billion in buyout and growth equity transactions since 1984. The firm, which typically invests $100-$500 million in companies ranging from $250 million to $2 billion in size, focuses on driving growth for consumer, industrial and healthcare companies.

Founded in 2007, Truck Hero is a market leader in providing a wide range of functional accessories that enhance customers’ use of their pickup trucks and Jeeps. The company, previously known as THI, has had an eventful 18 months featuring these headlines in THE SHOP:

“We are thrilled to partner with Bill, Kelly and TA to acquire Truck Hero, which has become a fast-growing market leader through relentless innovation, brand-building and customer service,” said Rich Zannino, a managing director at CCMP. “We look forward to working with Bill and his highly talented team to build on the company’s outstanding record of growth.”

“Since investing in Truck Hero in 2014, TA Associates has been privileged to partner with Bill Reminder and his team, and we are proud of the growth and accomplishments of the business over this period,” said Michael Berk, a managing director at TA. “We look forward to continuing our partnership with management and working alongside CCMP as Truck Hero continues to execute on its organic growth and add-on acquisition strategies.”

The transaction is expected to close in the second quarter of 2017, subject to customary closing conditions. Ropes & Gray LLP advised CCMP on the transaction. Jefferies is providing the financing and Jefferies and J.P. Morgan are serving as advisors to Truck Hero and Goodwin is acting as legal counsel.

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