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L Catterton-led Consortium to Acquire Truck Hero

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GREENWICH, Conn. and NEW YORK and ANN ARBOR, Mich., Dec. 8, 2020 /PRNewswire/ -- L Catterton and CCMP Capital ("CCMP") today announced that they have entered into a definitive agreement under which a consortium led by L Catterton and its affiliates will acquire a controlling interest in Truck Hero®, Inc. ("the Company"), the leading provider of functional aftermarket accessories for pickup trucks and Jeep® vehicles.

The consortium includes a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), as well as Mubadala Investment Company and StepStone Group Inc. (Nasdaq: STEP). CCMP, among other shareholders, and Truck Hero's founding Chief Executive Officer, Bill Reminder, will remain meaningful investors in the Company. Terms of the transaction were not disclosed.

Founded in 2007, Truck Hero is the industry-leading innovator, manufacturer, and marketer of branded functional truck and Jeep accessories that enhance the experience for consumers' daily activities and enthusiast lifestyles. Through superior engineering and innovation, established customer relationships, and strategic acquisitions, Truck Hero has grown rapidly and today is the undisputed leader in its core products and channels. The Company is recognized as a trusted partner to the dealer community for which it provides category-defining products and service, and it has established a leading online presence selling directly to consumers through RealTruck.com.

"Over the course of Truck Hero's history, our team's relentless focus on providing superior products and service has grown Truck Hero into the aftermarket industry's most respected player," said Mr. Reminder. "With their long track record of successfully partnering with and growing enthusiast brands that resonate with consumers, L Catterton is the ideal partner to help us take Truck Hero to even greater heights. CCMP has played a vital role in Truck Hero's growth since 2017, and we thank them for their incredible partnership and support."

Marc Magliacano, Managing Partner at L Catterton, said, "We are thrilled to acquire Truck Hero and partner with Bill and CCMP at this exciting moment in the Company's history of market leadership, innovation, and growth. We are especially excited about the potential for RealTruck.com, Truck Hero's direct to customer online marketplace that has become the go-to online retailer for truck enthusiasts across the country. We look forward to working with Bill and his proven team to build upon Truck Hero's position as the trusted authority in truck and Jeep personalization and utility."

"CCMP has been privileged to partner with Bill Reminder and his team since 2017, and we are proud of Truck Hero's growth and accomplishments during our ownership," added Joe Scharfenberger, Managing Director at CCMP. "Our deep respect and admiration go out to Bill and the team, and we congratulate L Catterton and look forward to Truck Hero continuing to execute on the growth opportunities that lie ahead."

The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Jefferies LLC is serving as lead financial advisor, Robert W. Baird & Co. is serving as financial advisor, and Ropes & Gray LLP is acting as legal counsel to Truck Hero. BofA Securities is serving as financial advisor and Kirkland & Ellis LLP is acting as legal counsel to the L Catterton-led consortium. Debt financing will be provided by Jefferies and BofA Securities.

About Truck Hero

Headquartered in Ann Arbor, Michigan, Truck Hero provides consumers a full range of branded automotive accessories for trucks, Jeep® brand vehicles and cars, with market leading functionality, engineering, quality, and design. The breadth of Truck Hero's product offering is vast, including hard and soft truck bed covers, truck caps, bed liners, floor liners, fender flares, steps, suspension kits, Ventvisors®, Jeep® brand vehicle parts and off-road accessories. Truck Hero's industry leading family of brands includes Advantage Truck Accessories™, Alloy USA™, AMP Research®, A.R.E.®, Auto Ventshade®, BAK Industries®, BACKRACK®, BedRug®, Belmor®, Bushwacker®, Extang®, Husky Liners®, LUND®, N-FAB®, OMIX™, Rampage Products®, Retrax®, RoadWorks®, Roll-N-Lock®, Rugged Liner®, Rugged Ridge®, Stampede™, Superlift®, Tonno Pro®, TruXedo®, UnderCover® and an online retailer, RealTruck®. All of the companies in the Truck Hero family are recognized as premier brands and are leaders in innovation. For more information, please visit our website at truck-hero.com.

About L Catterton

With over $22 billion of equity capital across its fund strategies and 17 offices globally, L Catterton is the largest and most global consumer-focused private equity firm in the world. L Catterton's team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

About CCMP Capital

CCMP Capital Advisors, LP ("CCMP") specializes in middle market buyouts and growth equity investments of $100 million to $500 million in North America and Europe. CCMP focuses on generating alpha through the operational transformation and growth of its portfolio companies. With offices in New York and Houston, CCMP invests in three primary industries: Consumer, Industrial and Healthcare. Selected investments under management include: Founder Sports Group, Eating Recovery Center, Hayward, The Hillman Group, Jetro Cash & Carry, PQ Corporation, Shoes For Crews and Truck Hero.

Contact

Truck Hero, Inc.
Sean Marks
(800) 253-7692

L Catterton Consortium
Andi Rose / Kate Thompson
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

CCMP Capital
Andrew Cole/Brooke Gordon/Columbia Clancy
Sard Verbinnen & Co
212-687-8080

Disclaimer: Jeep® is a registered trademark of FCA US LLC. Truck Hero, Inc is not affiliated with FCA US LLC.

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SOURCE L Catterton