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CCMP Capital acquires Truck Hero

Affiliates of CCMP Capital are to acquire a controlling interest in Truck Hero, a provider of aftermarket accessories for pickup trucks and Jeeps.

TA Associates, the current holders of a majority interest in Truck Hero, as well as Truck Hero’s founding chief executive officer Bill Reminder and chief operating officer 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.
Founded in 2007, Truck Hero provides a wide range of functional accessories that enhance customers’ use of their pickup trucks and Jeeps. Through its engineering, new product introductions and the acquisition of strategically and financially attractive add-on brands and products, the company has rapidly grown.
“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,” says Reminder. “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.”
“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,” says 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,” says 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 advised CCMP on the transaction. Jefferies is providing the financing and Jefferies and JP Morgan are serving as advisors to Truck Hero and Goodwin is acting as legal counsel.

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