ROCHESTER HILLS, Mich. & CLEVELAND – Trico Products Corp. has announced the signing of a definitive agreement under which Crowne Group LLC will acquire the company from funds managed by Kohlberg & Co. LLC. TRICO will maintain its headquarters in Rochester Hills, Mich., and the current management team, led by Lou Braga, president and CEO. Terms of the transaction were not disclosed.
TRICO is a global manufacturer, marketer and distributor of windshield wiper blades, systems and components. The company operates as a fully integrated business in both the aftermarket and OEM segments. The company employs approximately 2,450 people throughout the United States, Mexico, Asia, Europe, Australia and South America.
"TRICO represents an excellent strategic fit for Crowne due to its balanced mix of business between aftermarket and OEM, potential for manufacturing and distribution synergies, a great infrastructure and management team," said Stephen Graham, CFO of Crowne. "We are excited to enter into a new phase of our own evolution, and we look forward to working with our new partners as we continue to successfully execute our strategy."
"We are pleased with the outcome of our investment in TRICO and believe that the company has a bright future," added Evan Wildstein, partner at Kohlberg & Co. "We are confident that the company will continue on its trajectory of success under Crowne Group’s ownership."
Crowne Group also recently acquired the Carter Fuel Systems business from Federal-Mogul. To learn more about that deal, click here.
The acquisition is subject to customary regulatory approvals and is expected to close in the coming months. Sawaya Segalas & Co. LLC acted as financial adviser to TRICO and Ropes & Gray LLP acted as its legal counsel. 3S Advisors LLC acted as financial adviser to Crowne and Jones Day served as its legal counsel.
