CCMP Capital Advisors LP and Truck Hero have announced that they have entered into a definitive agreement under which affiliates of CCMP will acquire a controlling interest in Truck Hero, a provider of highly functional aftermarket accessories for pickup trucks and Jeeps. TA Associates (TA), the current holder of a majority interest in Truck Hero, and Truck Hero’s founding CEO Bill Reminder and Chief Operating Officer Kelly Kneifl will remain significant investors in the company as part of the transaction. 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.
“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.”
“Over the past 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,” said 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.”
“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 LLC is providing the financing and Jefferies LLC and JP Morgan Securities LLC are serving as advisers to Truck Hero and Goodwin Procter LLP is acting as legal counsel.
