BBB Industries, LLC announced it has entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (together with its affiliates “Clearlake”) with continued investment by Genstar Capital (Genstar) and BBB’s management team. Upon closing the transaction, Clearlake will become majority shareholders of BBB; financial terms of the transaction were not disclosed.
The transaction is expected to close later this year pending customary closing conditions.
“I have long admired Clearlake’s strong record of success and look forward to partnering with the team as we continue the company’s evolution,” said Duncan Gillis, CEO of BBB. “I thank Genstar for their great partnership over these past years and for continuing to demonstrate confidence in BBB with their ongoing investment in the company.”
“We have increasingly deepened our knowledge of, and relationship with, BBB over the past several years and have been impressed with the company’s development. We see a significant opportunity to partner with BBB’s management team to build upon their core business as well as several compelling growth areas across the automotive and broader industrial and renewable energy ecosystems,” said José E. Feliciano, co-founder and managing partner of Clearlake.
“We are very proud of BBB’s success, and I thank their management team for their leadership and strategic vision over the past four years. We are excited about the opportunity to remain invested in the company, and we look forward to partnering with Clearlake,” said Rob Rutledge, managing director at Genstar.
Founded in 1987, BBB does business in 64 countries through five divisions with multiple sustainable manufacturing facilities and distribution centers located throughout North America and Europe. The company’s newest division, TerrePower, brings its sustainable manufacturing process to the electric vehicle and renewable energy sectors, the company says.