DENVER--(BUSINESS WIRE)--Wheel Pros, LLC (d/b/a Hoonigan) or (the, “Company”), a leading provider of high-performance aftermarket vehicle enhancements today announced that it has signed an Asset Purchase Agreement (“APA”) to divest its 4 Wheel Parts retail stores, associated e-commerce sites, and certain other related assets (“4WP”) to ORW USA, Inc. (“ORW”), the U.S. affiliate of ARB Corporation Limited (“ARB”). In addition, Hoonigan has signed a separate Asset Purchase Agreement to divest its Poison Spyder Brand to ARB.
The Company expects full continuity of 4WP’s retail store and associated e-commerce operations for customers and partners while the parties work to close the transactions, which are subject to court approval in conjunction with Hoonigan’s previously announced chapter 11 process for certain of its North America-based affiliates.
"We are laser-focused on Hoonigan’s core strengths and are extremely pleased with this outcome as it represents a key step forward in our path to transition our business to a product-based operating model. We look forward to working closely with the ARB and ORW teams to ensure a smooth transition of 4WP’s retail stores and associated e-commerce websites as well as Poison Spyder once the transactions are approved,” said Vance Johnston, CEO of Hoonigan. “We deeply appreciate the dedication of the 4WP team, who consistently go above and beyond for our customers, and are excited for the future of this leading brand under new ownership."
Following court approval, the proceeds from the asset sales will be utilized by Hoonigan in connection with its chapter 11 process, as the Company continues its transition to strategically focus on its core businesses and position itself for growth.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Stifel is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.
About Hoonigan
Hoonigan serves the automotive enthusiast industry with entertaining content and a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel Off-Road, American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia, and Europe, Hoonigan serves over 30,000 retailers. It has a growing e-commerce presence to provide enthusiast consumers with access to a variety of aftermarket enhancements including wheels, suspension, lighting, and accessories. More information is available at www.hoonigan.com.
