M&A Deal Summary

CCMP Capital Advisors Acquires Truck Hero

On April 3, 2017, private equity firm CCMP Capital Advisors acquired automotive company Truck Hero from L Catterton Partners and TA Associates

Acquisition Highlights
  • This is CCMP Capital Advisors’ 4th transaction in the Automotive sector.
  • This is CCMP Capital Advisors’ 71st transaction in the United States.
  • This is CCMP Capital Advisors’ 2nd transaction in Michigan.
Investment Fate
  • Truck Hero was sold to a financial buyer in 2020.
  • Truck Hero was sold to a financial buyer in 2022.

M&A Deal Summary

Date 2017-04-03
Target Truck Hero
Sector Automotive
Buyer(s) CCMP Capital Advisors
Sellers(s) L Catterton Partners
TA Associates
Deal Type Secondary Buyout
Advisor(s) Jefferies LLC
J.P. Morgan Securities LLC (Financial)
Goodwin Procter LLP (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

CCMP Capital Advisors

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 16.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

CCMP Capital Advisors is a large private equity firm focused on buyout and growth equity opportunities across Asia, North America and Western Europe 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 with offices in New York, Houston, and London.


DEAL STATS #
Overall 93 of 97
Sector (Automotive) 4 of 5
Type (Secondary Buyout) 19 of 22
State (Michigan) 2 of 3
Country (United States) 71 of 74
Year (2017) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-13 LHP Hospital Group

Plano, Texas, United States

LHP Hospital Group, Inc. is a privately held hospital company that will own, operate and manage acute care hospitals in small cities and in select urban markets throughout the United States.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-19 Hayward Industries

Berkeley Heights, New Jersey, 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 is based in Berkeley Heights, New Jersey.

Buy -

Seller(S) 2

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
SizeMega
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 43 of 89
Sector (Automotive) 2 of 3
Type (Secondary Buyout) 9 of 18
State (Michigan) 1 of 1
Country (United States) 40 of 67
Year (2017) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-30 Rhone

Stamford, Connecticut, United States

Rhone offers a full line of style-driven men's activewear made from premium, innovative fabrics with exceptional performance qualities. The Company's high-quality materials, which are sourced from around the world, create clothing with extremely comfortable fits and category-leading performance characteristics, including anti-odor and anti-microbial properties. Rhone recently continued its disruption of the activewear category with the launch of GoldFusion, a proprietary and revolutionary new technology that infuses gold particles into the brand's high-performance fabrics, resulting in garments that are softer, safer, faster-drying, longer-lasting and odor-neutralizing. Rhone was founded in 2014 and is based in Stamford, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-05 Mizzen+Main

Dallas, Texas, United States

Mizzen+Main is a digitally native designer, wholesaler and retailer of American-made, performance-focused menswear. The Company's highly differentiated offerings, which include dress and sport shirts, chinos, polos, henleys, sweaters and pullovers, use high-tech, innovative materials that are wrinkle-free, machine washable, and have stretch and moisture wicking capabilities. With a fiercely loyal following that includes professional athletes such as J.J. Watt and Jake Arrieta, Mizzen+Main has experienced rapid growth. In addition to a successful online presence, Mizzen+Main has a strong wholesale presence through select men's retailers including Saks Fifth Avenue and Nordstrom, among others. Mizzen+Main was incorporated in 2012 and is based in Dallas, Texas.

Buy -
SELLER

TA Associates

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1968
PE ASSETS 36.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

TA Associates Management LP is a private equity firm that targets investments in middle-market and large companies around the world. TA will consider control or minority investments in profitable companies and looks to commit between $50 and $500 million per transaction. TA currently manages approximately $24 billion of capital and proactively reaches out to companies directly in sourcing potential investment opportunities. Prospective businesses are generally valued between $150 million and $3 billion. Areas of interest include technology, software, communications, financial services, healthcare, business services, semiconductors/electronics, and consumer products/services. In addition to investing equity capital, TA also makes subordinated debt investments up to $75 million. TA's geographic preference is North America and Europe. TA Associates was formed in 1968 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 199 of 244
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 29 of 44
State (Michigan) 2 of 2
Country (United States) 175 of 203
Year (2017) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-14 Ideal Cures

Mumbai, India

Ideal Cures is a manufacturer and exporter of pharmaceutical excipients and ready-to-use coating systems for solid oral dosage forms. Ideal Cures has EXCiPACT certified cGMP manufacturing plants located in Vasai, Jammu, and Khambat and R&D facilities in Mumbai and Vasai. The product portfolio comprises of INSTACOAT ready-to-use film coating systems, INSTANUTE coating technology for nutraceuticals and dietary supplements, ECOPOL range of Pharma Acrylic Polymer’s, ECO COOL brand of cooling compounds, ESPHERES range of sugar, microcrystalline cellulose, silicon dioxide, calcium carbonate, and tartaric acid spheres. Ideal Cures was founded in 1999 and is based in Mumbai, India.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-04 Babilou Family

Bois Colombes, France

Babilou Family is a provider of daycare services. Serving children under the age of three, Babilou primarily runs company-owned and operated nurseries serving corporate clients and municipalities, as well as a booking platform offering access to daycare spots at partner nurseries. Babilou has also expanded internationally and now operates more than 550 nurseries in France, Germany, Belgium, Dubai, and Switzerland. Babilou Family was founded in 2003 and is based in Bois Colombes, France.

Buy -