Lund International, which is backed by Highlander Partners LP, has acquired TonnoPro’s operating assets. No financial terms were disclosed. Based in Surprise, Arizona, TonnoPro is a maker of tonneau covers for light trucks.
BUFORD, Ga., Aug. 28, 2015 /PRNewswire/ — Lund International, a portfolio company of Highlander Partners, L.P., today announced it has acquired all of the operating assets of Bridgeway Enterprises, Inc. (d/b/a “TonnoPro”). TonnoPro, headquartered in Surprise, Arizona, is a leading designer and distributor of tonneau covers for light trucks. The company’s product lines include Tonno Fold soft covers, Lo-Roll covers, and Hard Fold hard covers.
Operations will continue to be conducted from the existing facilities in Jasper, Indiana, and its employees will join the Lund International team. Mark Wolf, co-founder of TonnoPro, commented, “We are excited to partner with Lund International to continue to grow TonnoPro and build upon Lund’s success as a leader in the automotive aftermarket accessories market.”
Mitch Fogle, President and CEO of Lund, said, “We believe the addition of TonnoPro is highly strategic and complimentary to Lund’sexisting tonneau product offerings. The acquisition will enhance Lund’s breadth in the tonneau category and its standing as the broadest product line manufacturer of aftermarket automotive accessories in North America. We are excited to work with Mark and his team to continue to grow the business.”
Jeff L. Hull, Chairman of Lund and Managing Partner of Highlander, added, “This acquisition, Lund’s sixth since Highlander acquired the Company in 2011 and our third in less than a year, reconfirms our strategy of executing strategic add-on acquisitions that enhance and expand Lund’s existing business and product offerings. We have consistently identified products that we were already selling that needed further product options, and we have focused our acquisitions on broadening those options in the targeted categories. Consistent with the past, we plan to leverage the strength of our brand and distribution capabilities to ensure TonnoPro’s products reach an even broader audience and grow our presence in the tonneau category. We are continuing to evaluate M&A opportunities and expect to make additional acquisitions going forward.”
About Highlander Partners, L.P.
Highlander Partners, L.P. is a Dallas-based private investment firm with over $1 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food and beverage, specialty chemicals, building materials, consumer products, and others. Highlander Partners uses a “buy and build” investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.
About Lund International
Lund International Holding Company is a leading designer, manufacturer, and marketer of branded automotive aftermarket accessories for a full assortment of passenger cars and light trucks, as well as the heavy truck category. Its products include Ventvisors®, hood shields, Powersteps®, floor mats, fender flares, tonneau covers, storage boxes, nerf bars and running boards, among others. Lund offers the industry’s broadest range of functional body and appearance products that provide customers with ways to customize and personalize their vehicles under the brand names of Lund, AVS, Belmor, AMP Research, Rampage, Bushwacker and Stampede. For more information about Lund, please visit www.lundinternational.com.