Compiled by SEMA Editors
Truck Hero Acquired by L Catterton
Truck Hero Inc. and L Catterton have announced that they have entered into a definitive agreement under which L Catterton—a global consumer-focused private equity firm—and its investors will acquire a controlling interest in Truck Hero. CCMP Capital Advisors LP (CCMP), the current holders of a majority interest in Truck Hero, and Truck Hero’s founding Chief Executive Officer Bill Reminder will remain significant investors as part of the transaction. Reminder will retain his current leadership position. Terms of the transaction were not disclosed.
The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Jefferies LLC is serving as lead financial advisor, Robert W. Baird & Co. is serving as financial advisor, and Ropes & Gray LLP is acting as legal counsel to Truck Hero. BofA Securities is serving as financial advisor and Kirkland & Ellis LLP is acting as legal counsel to the L Catterton-led investor consortium.
Dura-Bond Bearing Appoints Joe Kerick as President
Dura-Bond Bearing has appointed Joe Kerick as its new president. Kerick, who will begin his new role effective January 1, was promoted from the position of new product development manager. Kerick is an ASE-certified Master Technician, a title he's held for 20 years. He also holds bachelor's and master's degrees.
With the announcement, Andre Moser has also been named the vice president of sales and marketing. He was promoted from the position of general sales and marketing manager. Current Controller Jennifer Pasquali, meanwhile, has been promoted to CFO. Chuck Barnett will continue to serve as the CEO and chairman in 2021.
NPW Companies Acquires Engine And Performance Warehouse
Miami-based NPW Companies has acquired Engine & Performance Warehouse Inc. (EPWI)—the engine parts warehouse distributor based in Denver. The transaction was finalized on December 4. The acquisition expands NPW’s footprint to 30 total warehouse locations and 50 storefronts.
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