Truck Hero has announced the strategic acquisition of Lund International Holding Co., a portfolio company of Highlander Partners LP.
Lund, based in Buford, Georgia, designs, manufactures and markets branded automotive accessories for a full assortment of passenger cars, light trucks, SUVs, CUVs and Jeeps, as well as the heavy truck category. Terms of the transaction were not disclosed.
Truck Hero provides a wide range of functional pickup truck and Jeep accessories that match consumers’ lifestyles and enhance the use of their vehicles. The company benefits from market-leading brands, an extensive distribution network, channel diversification and dedicated sales capabilities. According to Truck Hero, this transaction adds a highly complementary product portfolio that further diversifies the company’s product category mix and increases exposure to a larger addressable market of vehicles.
Founded in 1965, and with roots dating back to the 1920s, Lund International started in Anoka, Minnesota, with a mission to lead the industry in meeting customer needs for innovative automotive accessories. Lund is now one of the world’s leading automotive accessories providers, offering highly functional, protective and stylish products in more than 30 categories from many of the industry’s most recognized brand names including: AMP Research, AVS, Belmor, Bushwacker, LUND, Rampage Products, RoadWorks Manufacturing, Roll-N-Lock, Stampede Automotive Accessories and TonnoPro.
“This is an opportune time to bring Truck Hero and Lund together,” said Bill Reminder, president and CEO of Truck Hero. “Mitch Fogle and the entire Lund team have built an impressive collection of great companies which will be a perfect match to Truck Hero. We look forward to working with Mitch and his team to leverage our combined capabilities to further build the company’s position as the foremost source for automotive aftermarket accessories.”
Fogle added, “We believe the merger of these two great companies is a winning combination. Together we manufacture and commercialize market-leading brands that encompass the broadest product offering of vehicle accessories. We are extremely happy to join Bill and the Truck Hero family to continue to drive innovation across the industry.”
This transaction marks Truck Hero’s 15th acquisition since its formation in 2007. It is in line with the company’s growth strategy of acquiring businesses within the vehicle accessory market that further diversify its product portfolio into attractive, complementary, high growth segments.
Ropes & Gray LLP advised Truck Hero and CCMP on the transaction. Katten Muchin Rosenman LLP advised Lund and Highlander. Jefferies provided financing and served as advisers to Truck Hero.
