Investcorp has completed the sale of FleetPride, North America’s largest truck and trailer parts distributor, to TPG, one of the largest private equity investment firms globally, for more than USD1bn.
Steve Puccinelli, managing director at Investcorp and head of corporate investment for North America and Europe, says: “FleetPride represents the type of core, mid-market corporate investment that we typically target in the US. We worked closely with FleetPride’s management team from a very early stage in our investment to successfully implement strategic growth plans, thereby enhancing the company’s operations. The success of the FleetPride investment is a testament to our ability to grow our portfolio companies, even during challenging economic conditions, while maximizing the returns for our investors.”
FleetPride is an active participant in the USD22bn US truck and trailer part aftermarket, and is now the largest truck and trailer parts distributor in North America, with a presence in key commercial and economic hubs throughout the US.
Since its acquisition of FleetPride in 2006, Investcorp has supported 31 different add-on acquisitions by the company, strengthening its cross-country supply chain and adding total acquired sales of over USD270m. Investcorp helped increase FleetPride’s branch count to 248 with operations in 45 US states. Investcorp’s initiatives increased the company’s EBITDA from USD52m at the time of purchase in June 2006 to over USD100m forecasted for 2012, helping generate a net return of more than 200 per cent for investors.
