M&A Deal Summary

L Catterton Partners Acquires Truck Hero

On December 8, 2020, growth capital firm L Catterton Partners acquired automotive company Truck Hero from CCMP Capital

Acquisition Highlights
  • This is L Catterton Partners’ 4th transaction in the Automotive sector.
  • This is L Catterton Partners’ 111th transaction in the United States.
  • This is L Catterton Partners’ 2nd transaction in Michigan.
Investment Fate
  • Truck Hero was sold to a financial buyer in 2022.

M&A Deal Summary
Date 2020-12-08
Target Truck Hero
Sector Automotive
Buyer(s) L Catterton Partners
Sellers(s) CCMP Capital
Deal Type Secondary Buyout
Advisor(s) Jefferies
Robert W. Baird & Co., Inc. (Financial)
Ropes & Gray (Legal)

Target

Truck Hero

Ann Arbor, Michigan, United States
website
Truck Hero is a designer, manufacturer and marketer of branded consumer accessories for pickup trucks. The company operates as the holding company for several market leading brands including Advantage, BAK, Extang, Retrax, TruXedo and UnderCover. Truck Hero also produces truck bed liners under the BedRug brand. Truck Hero was founded in 2007 and is based in Ann Arbor, Michigan.

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Buyer(S) 1

Buyer

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 178 of 213
Sector (Automotive) 4 of 5
Type (Secondary Buyout) 13 of 17
State (Michigan) 2 of 2
Country (United States) 111 of 129
Year (2020) 15 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-02 Function of Beauty

New York, New York, United States

Function of Beauty is a producer of hair, skin, and body care products. Function of Beauty was founded in 2015 and is based in New York city.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-11 Better

New York, New York, United States

Better is a digital-first homeownership company that provides included mortgage, real estate, title, and homeowners insurance services. The company funded $30.9B in home loans and provided over $7B in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better. Better was formed in 2016 and is based in New York city.

Buy -

Seller(S) 1

SELLER

CCMP Capital

New York, New York, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 18.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

CCMP Capital is a large private equity firm focused on buyout and growth equity valued up to $2 billion. Sectors of interest include consumer, retail, and services (specialty retail, direct marketing, consumer packaged goods); media/telecom (consumer and trade publishing, content and programming, broadcasting, cable, wireless and wire line communications ); industrial (chemicals, manufacturing, distribution, automotive); energy (exploration and production, power generation, renewable energy, services); and healthcare (services, pharmaceuticals, medical devices). The Firm's target investment size is $100 to $500 million. CCMP Capital Advisors was formed in 1984 and was spun off in 2006 from JP Morgan Chase. The Firm is based in New York City.

DEAL STATS #
Overall 75 of 78
Sector (Automotive) 4 of 4
Type (Secondary Buyout) 22 of 23
State (Michigan) 2 of 2
Country (United States) 58 of 61
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-03-11 BGIS

Markham, Ontario, Canada

BGIS is a provider of real estate management services, including facilities management, project delivery services, energy and sustainability solutions, building performance management, workplace advisory and management, and real estate services. BGIS was established in 1992 and is based in Markham, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-11 Hayward Industries

Charlotte, North Carolina, United States

Hayward Industries is a manufacturer of residential and commercial pool equipment and industrial flow control products. Hayward markets a full line of energy efficient pool and spa equipment including pumps, filters, heaters, cleaners, salt chlorinators, automation, lighting, safety, and flow control products. Hayward Industries was incorporated in 1925 and is based in Charlotte, North Carolina.

Sell -
Mergr

Product

Company

Legal