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Harvest Partners portfolio company TruckPro acquires CCI Corporation

Private equity firm Harvest Partners’ portfolio company TruckPro has purchased CCI Corporation from Illinois Tool Works.

 
Terms of the transaction have not been disclosed.
 
TruckPro is one of the largest independent distributors of heavy duty aftermarket truck parts and accessories in the US. TruckPro distributes a full range of maintenance and repair products for heavy duty vehicles of substantially all makes and models. The company sells its products to a diverse, growing base of customers in numerous end markets, including small, regional and national trucking companies, private fleets, waste services companies, construction companies, municipalities, and independent repair shops.
 
CCI is a network of commercial vehicle parts and service locations, with 100 retail stores, service shops and distribution centre locations in the US and Canada. CCI’s product offering includes full drivetrain, power take-off, suspension, brakes, hydraulics and related products, as well as repair and rebuilding services.
 
The acquisition substantially increases the scale and scope of TruckPro’s operations. The newly combined company has 165 locations, a national footprint, a significant Canadian presence and a strengthened product and service offering in the gearing and drivetrain categories.
 
“The addition of CCI to TruckPro’s existing business positions TruckPro as a leading provider of heavy duty truck and trailer products and advanced repair services in North America,” says Steve Riordan, TruckPro’s chairman and chief executive. “CCI has a rich history in the gear and drivetrain segments, which are an excellent complement to the broad, heavy duty product offerings of TruckPro. Also, TruckPro and CCI share the same culture of providing world-class customer service, respecting our core supplier partners and treating our associates like family.”
 
Thomas Arenz, senior managing director at Harvest, says: “We are excited about the many sales and customer service opportunities that result from combining CCI and TruckPro. Consistent with Harvest’s longstanding strategy of building value through business transformation, the transaction will extend TruckPro’s distribution footprint and expand the company’s product and service capabilities.”
 
Senior debt financing for the transaction was provided by a consortium led by Madison Capital Funding, JPMorgan Chase Bank, CIT Finance, Ally Commercial Finance and NXT Capital. Guggenheim Corporate Funding provided subordinated debt financing. White & Case advised TruckPro.
 
Simon Roberts, Paige Daly, James Mitchel and Daniel Bise of Harvest Partners also worked on the transaction.

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