THE WOODLANDS, Texas – FleetPride Inc., one of the nation’s largest retailers of heavy-duty truck and trailer parts, owned by Investcorp, has been sold to private investment firm TPG.
The transaction is expected to close in the fourth quarter of 2012 and is subject to customary conditions, including receipt of applicable regulatory approvals. Terms were not disclosed.
"We are extremely excited to enter the next phase of our growth strategy with TPG and I am very proud of the teamwork and effort our FleetPride employees across the country have demonstrated in the execution of this strategy," said W.M. McGee, chairman and CEO of FleetPride. "We welcome our new partner who shares our commitment to superior customer service and continued growth in the markets that are essential for the country’s economic stability. TPG’s vision for expansion through acquisition and greenfield opportunities will enable FleetPride to better serve our existing customers as we aggressively grow our national footprint."
"As the leading independent distributor of aftermarket truck and trailer parts in North America, FleetPride has a strong reputation for its broad inventory, parts availability and customer service," said Kevin Burns, partner at TPG. "The company has demonstrated an impressive track record of growth, which we hope to continue to support in the future."
TPG has extensive expertise in industrial distribution and the vehicle aftermarket sector in particular. Its portfolio companies include American Tire Distributors, one of the largest tire wholesalers in the U.S. with 104 distribution centers in 45 states, and Nexeo Solutions (formerly Ashland Distribution), a global chemicals and plastics distribution company.
