KED and BDT Capital to acquire stake in Truck-Lite

Koch Equity Development LLC and BDT Capital Partners LLC have agreed to acquire Falconer, New York-based Truck-Lite, a provider of safety lighting and filtration systems for commercial vehicles. No financial terms were disclosed for the deal that’s expected to close in the fourth quarter of this year. Baird and Wells Fargo provided financial advice to Truck-Lite on the transaction while Barclays did likewise for KED. Truck-Lite is currently owned by Penske Corp (which will retain an ownership stake in Truck-Lite) and Kelso & Company.


FALCONER, N.Y., Sept. 25, 2015 /PRNewswire/ — Truck-Lite Co., LLC (Truck-Lite) announced today that an affiliate of Koch Equity Development LLC (KED) and BDT Capital Partners, LLC (BDT), through its investment funds, have agreed to the acquisition of Truck-Lite and will partner with Penske Corporation (Penske). Truck-Lite is a leading provider of safety lighting and filtration systems for commercial vehicles as well as LED lighting to the off-road industry, and is currently owned by Penske and funds affiliated with Kelso & Company.

Brian Kupchella, Truck-Lite’s president and chief executive officer, commented, “We are very excited for our partnership with KED, BDT and Penske. We believe their long investment horizon and strategic approach will allow us to enhance the execution of our growth strategy, continue to invest in new products and markets and improve our value proposition to our customers and partners.”

“Truck-Lite has built a leading global presence in transportation lighting technology by developing innovative products, creating an extensive distribution network, and providing superior quality and value to customers,” said John Dills, managing director at BDT. “Our strategic partnership with KED and Penske, combined with our long-term capital, will provide a solid foundation and long runway for Truck-Lite’s management team to pursue attractive growth opportunities in new products and markets.”

Matt Flamini, president of KED, said, “Truck-Lite is an exciting opportunity for KED. Truck-Lite has a leading position with a strong management team and a consistent record of results. Partnering with BDT, Penske and the Truck-Lite management team is an important part of the KED investment strategy.”

Roger Penske, Chairman of Penske Corporation stated, “I could not have imagined a stronger group of investors than KED, BDT and Penske. I believe the partnership will significantly strengthen Truck-Lite’s growth potential. Since our acquisition of Truck-Lite in 1997, it has consistently demonstrated an ability to develop innovative new products for the transportation market and I look forward to participating in the company’s continued success in the years to come.”
Baird and Wells Fargo acted as financial advisors to Truck-Lite. Barclays acted as financial advisor to KED. Debevoise & Plimpton LLP acted as legal advisor to Truck-Lite. Jones Day and Latham & Watkins LLP acted as legal advisors to KED and BDT. Completion of the transaction is expected in the fourth quarter of 2015, subject to customary closing conditions and regulatory approvals. Additional terms of the deal were not disclosed.

About Koch Equity Development LLC
Koch Equity Development LLC is the acquisition and investment subsidiary of Koch Industries, Inc. Based in Wichita, Kansas, Koch Industries, Inc. is one of the largest private companies in America with estimated annual revenues as high as $115 billion, according to Forbes. It owns a diverse group of companies involved in refining, chemicals, biofuels and ingredients; forest and consumer products; fertilizers; polymers and fibers; process and pollution control equipment and technologies; electronic components; commodity trading; minerals; energy; ranching; glass; and investments. Since 2003, Koch companies have invested more than $70 billion in acquisitions and other capital expenditures. With a presence in more than 60 countries, Koch companies employ more than 100,000 people worldwide, with about 60,000 of those in the United States. From January 2009 to present, Koch companies have earned more than 1,000 awards for safety, environmental excellence, community stewardship, innovation, and customer service.

About BDT Capital Partners, LLC
BDT Capital Partners provides family-owned and entrepreneurially led companies with long-term, differentiated capital. Based in Chicago, the firm manages investment funds of more than $8 billion, with an investor base that has the ability to invest significant additional capital. Its affiliate, BDT & Company, is a merchant bank that works with family and founder-led businesses to pursue their strategic and financial objectives. BDT & Company provides solution-based advice and access to an extensive network of world-class closely held businesses.

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, transportation component manufacturing and professional motorsports. Penske Corporation manages businesses with revenues in excess of $26 billion, operating in more than 3,300 locations and employing approximately 50,000 people worldwide.

About Truck-Lite Co., LLC
Truck-Lite Co., LLC is headquartered in Falconer, New York, with additional U.S. manufacturing facilities in Wellsboro, Coudersport and McElhattan, Pennsylvania; Saline, Michigan; and Gilbert, Arizona. International facilities are located in Harlow and Birmingham England; Puebla, Mexico; and Eisenach, Germany. Truck-Lite is a major producer of safety lighting, forward lighting, wiring harnesses, mirrors, turn signal switches, and safety accessories to the heavy-duty truck, trailer and commercial vehicle industries.