NEW YORK--(BUSINESS WIRE)--Harvest Partners, LP (“Harvest”), a New York-based private equity firm, announced today that it has completed the acquisition of TruckPro, Inc. from funds managed by Oaktree Capital Management, L.P. (“Oaktree”). Oaktree will maintain a significant ownership stake in the company. Terms of the transaction were not disclosed.
TruckPro is one of the largest independent distributors of heavy duty aftermarket truck parts and accessories in the U.S. TruckPro distributes a full range of products that cover maintenance and repair events for substantially all major OEMs of heavy duty vehicles. Founded in 1958, TruckPro sells its products to over 35,000 customers in numerous end markets, including small, regional and national trucking companies; private fleets; waste services companies; construction companies; municipalities and independent repair shops. TruckPro currently operates 62 locations throughout 17 states in the South, Southeast, Midwest and Mid-Atlantic regions of the U.S.
In connection with the transaction, Steve Riordan will join TruckPro as Chairman and Chief Executive Officer. Steve has over 35 years of experience in the industrial distribution sector, most recently as President and CEO of Communication Supply Corp., a former Harvest portfolio company, and has been a member of TruckPro’s board of directors since 2010. Riordan, along with key TruckPro management, will have a significant investment in the company.
Tom Arenz, Senior Managing Director at Harvest, said, “TruckPro’s industry-leading customer service, product knowledge, and comprehensive line of maintenance and repair products represent a compelling value proposition. We look forward to supporting Steve and the team with the financial and strategic resources that will take TruckPro to the next level.”
“TruckPro participates in a stable, highly fragmented industry with excellent consolidation potential," said Chris Whalen, Managing Director at Harvest. "Leveraging TruckPro’s differentiated distribution model and strong management to lead this consolidation and propel future growth represents a tremendous opportunity for TruckPro, along with its customers and suppliers.”
“TruckPro has a terrific opportunity to expand its geographic footprint and product offering and to increase penetration within its existing regions both organically and through strategic acquisitions,” said Steve Riordan, incoming CEO of TruckPro. “We look forward to driving this growth in partnership with Harvest and taking TruckPro from a super-regional company to a national distribution powerhouse in the coming years.”
Senior debt financing for the transaction was provided by Chase Business Credit and Guggenheim Partners. White & Case LLP advised Harvest. Houlihan Lokey and Debevoise & Plimpton LLP advised Oaktree.
Tom Arenz and Chris Whalen have joined TruckPro’s board of directors in connection with the transaction. Associate James Mitchel also worked on the transaction.
About Harvest Partners
Founded in 1981, Harvest Partners, LP (www.harvpart.com) is a leading New York-based private equity investment firm pursuing management buyouts and growth financings. Harvest focuses on acquiring profitable companies in the business services, manufacturing and distribution, industrial services, midstream energy and consumer products and retail sectors. This strategy leverages Harvest’s over 30 years of experience in financing organic and acquisition-oriented growth companies.
About TruckPro
TruckPro, headquartered in Memphis, Tennessee, distributes heavy duty truck parts through 62 locations in 17 states, primarily in the Southeast and Midwest United States. TruckPro was founded in 1958 and is one of the largest independent distributors of heavy duty truck parts in the country. The company's customers include national and regional truck fleets, independent truck operators, and independent repair shops. For more information visit the company's web site at www.truckpro.com