Truck Hero Inc. Buys Lund International
Truck Hero Inc. has acquired Lund International Holding Co., a portfolio company of Highlander Partners. Terms of the deal have not been disclosed.
The transaction marks Truck Hero’s 15th acquisition since forming in 2007. The company stated in a news release that the acquisition “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.”
Buford, Georgia-based Lund was founded in 1965 in Anoka, Minnesota with the mission of “leading the industry in meeting customer needs for innovative automotive accessories.” The company’s accessories span 30 product categories from brands that include AMP Research, AVS, Belmor, Bushwacker, LUND, Rampage Products, RoadWorks Manufacturing, Roll-N-Lock, Stampede Automotive Accessories and TonnoPro.
Lund is led by president and CEO Mitch Fogle.
“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.”
Lund provides a complementary product portfolio that further diversifies Truck Hero’s product category mix. The acquisition also helps to increase Truck Hero’s exposure to a larger market of vehicles, according to the company.
“We believe the merger of these two great companies is a winning combination,” Fogle said. “Together we manufacture and commercialize market leading brands that encompass the broadest product offering of vehicle accessories. We are extremely happy to join Bill (Reminder) and the Truck Hero family to continue to drive innovation across the industry.”
Truck Hero’s existing brands include Advantage, A.R.E., BACKRACK, BAK, BedRug, Extang, Husky Liners, N-FAB, Omix-ADA, Retrax, Rugged Liner, Rugged Ridge, Superlift Suspension, TruXedo, Undercover and online retailer RealTruck.
“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.”
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.
