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LOS ANGELES, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Platinum Equity today announced the acquisition of TruckPro Holding Corporation (“TruckPro”) from Harvest Partners by an affiliate of Platinum Equity. Financial terms were not disclosed.
Headquartered in Memphis, Tennessee, TruckPro is one of the nation’s largest independent distributors of heavy-duty truck and trailer parts.
“TruckPro has an extensive national footprint and extraordinary range of products, but it’s the company’s people that set it apart,” said Platinum Equity Principal Jason Price. “Highly knowledgeable sales staff and impressive customer service are the backbone of the business.”
Founded in 1958, today TruckPro serves more than 80,000 customers with more than 150 locations in the United States and Canada.
“We have grown and built lasting relationships with our customers by offering quality products and services, expertise, available inventory and fast delivery,” said TruckPro CEO Chuck Broadus. “Platinum Equity shares our commitment to serving the transportation community with integrity and reliability, and is the right partner to help us achieve the next stage of growth and expansion.”
Mr. Price said Platinum Equity will support TruckPro’s long-term ambitions.
“Our plan is to continue steadily growing the business organically and through potential acquisitions, with an emphasis on serving new markets and bringing new products and services into the mix that deliver more value for customers,” Mr. Price added.
Latham & Watkins served as Platinum Equity’s legal advisor on the acquisition of TruckPro. Robert W. Baird & Co. and Houlihan Lokey acted as financial advisors and White & Case LLP acted as legal advisor to TruckPro.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $19 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.
Headquartered in Memphis, Tennessee and founded in 1958, TruckPro, LLC is a leading distributor of heavy duty truck and trailer products, and provider of advanced repair services. Through a distribution network of more than 150 locations and advanced service shops throughout the United States and Canada, TruckPro delivers a comprehensive range of products to support commercial and government customer requirements in the areas of brake systems, electrical, engines, gear & drivetrain, and more. TruckPro is recognized for delivering measurable value and outstanding support to its customers and suppliers alike. Vast application expertise makes TruckPro an unbiased knowledge resource for product information and training.
About Harvest Partners, LP
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & consumer, healthcare, industrial services, and manufacturing & distribution sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com.
Dan Whelan, Platinum Equity
Steve Lockridge, TruckPro
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed776a81-97d1-4c37-87fa-ddddf4dae69f