Genstar Capital has made a “significant” investment in Truck-Lite, a provider of lighting, filtration systems and telematics services for commercial vehicles. No financial terms were disclosed.
AUBURN HILLS, MI, December 17, 2019 — Truck-Lite Co., LLC announced today that Genstar Capital has made a significant investment in Truck-Lite, a leading provider of safety lighting, filtration systems and telematics services for commercial vehicles. Truck-Lite was owned by affiliates of BDT Capital Partners, Koch Equity Development, and Penske Corporation. As part of its investment, Genstar acquired BDT and Koch’s ownership interests.
Brian Kupchella, Truck-Lite’s Chief Executive Officer, commented, “We are very excited to partner with Genstar. We believe its investment philosophy aligns extremely well with Truck-Lite’s long-term strategy, and will allow us to accelerate our growth plans, continue to invest in new products and markets, and improve our value proposition to our customers and partners.”
Rob Rutledge, Managing Director at Genstar, said, “Truck-Lite has a leading position in attractive market segments, with a history of innovation, product development and industry superior technology. For over 60 years they have worked to build strong brand recognition and we see opportunity to support the continued expansion of the business through growth in new products, technologies, and Truck-Lite’s Road Ready telematics systems and look to further expedite that growth by pursuing strategic acquisitions.”
Patrick Conroy, Chief Financial Officer of Penske Corporation and member of the Truck-Lite board of directors, commented, “Truck-Lite serves as a valuable partner to many of the world’s largest commercial vehicle fleets, OEMs and distributors. Truck-Lite has a strong history of developing new innovations that make them leaders in providing technologically advanced products that allow truck fleets to operate with improved safety and reduced costs. We look forward to continuing our relationship with Truck-Lite and supporting Genstar to accelerate Truck-Lite’s growth.”
Kupchella continued, “We thank BDT and Koch for their leadership and support over the past several years. They have been true business partners and stewards of the Truck-Lite brand, and we look forward to working with their companies for years to come.”
Baird and Barclays acted as financial advisors, and Jones Day acted as legal advisor, to Truck-Lite. Weil acted as legal advisor to Genstar.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial technology and software industries.
About Penske Corporation
Penske Corporation is a closely-held, diversified, on-highway, transportation services company whose subsidiaries operate in a variety of industry segments, including retail automotive, truck leasing, transportation logistics and professional motorsports. Penske Corporation manages businesses with consolidated revenues of more than $32 billion, operating in over 3,660 locations and employing more than 64,000 people worldwide.
About Truck-Lite Co., LLC
Truck-Lite Co., LLC (www.truck-lite.com) is a major producer of forward and safety lighting, wiring harnesses, turn signal switches and safety accessories for the medium- and heavy-duty truck, trailer and commercial vehicle industries. The company also designs and manufactures Road Ready® telematics systems for heavy- and light-duty trailers and off-road industrial usage; fuel filtration and water separation systems; and rugged LED lighting for the off-road and marine industries.
Truck-Lite, which is constructing a new global headquarters in Southfield, Michigan, has facilities in Falconer, NY; Coudersport, McElhattan, Pittsburgh and Wellsboro, PA; Saline, MI (DAVCO Technology); Delray Beach, FL (Lumitec, LLC); Gilbert, AZ (RIGID Industries); Harlow, England; Puebla, Mexico and Shanghai, China.