Fleetpride sold in Secondary Buyout to TPG

FleetPride, a retailer of heavy-duty truck and trailer parts owned by Investcorp, is to be acquired by TPG. The transaction is expected to close in the fourth quarter of 2012. Terms were not disclosed.

PRESS RELEASE

FleetPride, Inc., the nation’s largest retailer of heavy-duty truck and trailer parts owned by Investcorp, announced today that it has signed a definitive agreement to be acquired by TPG. The transaction is expected to close in the fourth quarter of 2012 and is subject to customary conditions, including receipt of applicable regulatory approvals. Terms were not disclosed.
“We are extremely excited to enter the next phase of our growth strategy with TPG and I am very proud of the teamwork and effort our FleetPride employees across the country have demonstrated in the execution of this strategy,” said W.M. McGee, Chairman and CEO of FleetPride. “We welcome our new partner who shares our commitment to superior customer service and continued growth in the markets that are essential for the country’s economic stability. TPG’s vision for expansion through acquisition and greenfield opportunities will enable FleetPride to better serve our existing customers as we aggressively grow our national footprint.”
“As the leading independent distributor of aftermarket truck and trailer parts in North America, FleetPride has a strong reputation for its broad inventory, parts availability and customer service,” said Kevin Burns, partner at TPG. “The company has demonstrated an impressive track record of growth, which we hope to continue to support in the future.”
TPG has extensive expertise in industrial distribution and the vehicle aftermarket sector in particular. Its portfolio companies include American Tire Distributors, one of the largest tire wholesalers in the U.S. with 104 distribution centers in 45 states, and Nexeo Solutions (formerly Ashland Distribution), a global chemicals and plastics distribution company.
The transaction has fully committed financing, consisting of a combination of equity to be invested by TPG and debt financing to be provided by certain affiliates of Deutsche Bank Securities Inc., Bank of America Merrill Lynch, and RBC Capital Markets. Deutsche Bank Securities Inc. and RBC Capital Markets served as financial advisors to TPG in the transaction. Bank of America Merrill Lynch, Citi and J.P. Morgan acted as joint financial advisors to FleetPride in connection with the transaction.
About TPG
TPG is a leading global private investment firm founded in 1992 with $51.5 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm has a strong presence in the industrial, manufacturing and retail sectors. Significant investments have included American Tire Distributors, Armstrong World Industries, Burger King, China Grand Auto, Ducati, Graphic Packaging, Grohe, J. Crew, Lenta, Neiman Marcus, Nexeo Solutions, Petco and Savers. For more information visit www.tpg.com.# # #
About Investcorp
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three main business areas: corporate investment in the U.S., Europe and the Gulf, real estate investment in the U.S. and global hedge funds. As at June 30, 2012, Investcorp had $11.5 billion in assets under management. Further information is available at www.investcorp.com.
About FleetPride, Inc.
FleetPride, Inc. (www.fleetpride.com) — America’s premier nationwide supplier of heavy-duty truck and trailer parts — operates 248 locations in 45 states and carries a full line of nationally-recognized, brand-name parts, as well as an assortment of exclusive-brand parts. In addition, FleetPride offers in-house remanufactured products such as brake shoes and driveline components. Truck and trailer repair services are also offered at a number of locations.
About FleetCare by FleetPride
FleetCare — FleetPride is proud to offer an exclusive partnership for qualified businesses through its FleetCare Truck Service Center program. In addition to FleetPride’s 35 company-owned locations, the FleetCare network, with over 200 affiliate members, specializes in heavy-duty truck and trailer repair and maintenance, servicing all makes and models. FleetCare employs highly-trained technicians, provides brand-name parts, offers a nationwide parts warranty program and roadside assistance.
SOURCE FleetPride, Inc.

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