M&A Deal Summary

CHS Capital, Audax Private Debt and Oaktree Capital Management Acquire TruckPro

On July 21, 2006, private equity firm CHS Capital, mezzanine finance firm Audax Private Debt and asset manager Oaktree Capital Management acquired distribution company TruckPro

Acquisition Highlights
  • This is CHS Capital’s 8th, Audax Private Debt’s 2nd and Oaktree Capital Management’s 1st transaction in the Distribution sector.
  • This is CHS Capital’s 27th, Audax Private Debt’s 16th and Oaktree Capital Management’s 25th transaction in the United States.
  • This is CHS Capital’s 3rd, Audax Private Debt’s 1st and Oaktree Capital Management’s 1st transaction in Tennessee.
Investment Fate
  • TruckPro was sold to a consortium of financial buyers in 2011.
  • TruckPro was sold to a consortium of financial buyers in 2019.

M&A Deal Summary

Date 2006-07-21
Target TruckPro
Sector Distribution
Buyer(s) CHS Capital
Audax Private Debt
Oaktree Capital Management
Deal Type Buyout (LBO, MBO, MBI)

Target

TruckPro

Cordova, Tennessee, United States
TruckPro is an independent distributor of heavy-duty aftermarket truck parts and accessories in the U.S. TruckPro distributes a full range of products that cover maintenance and repair events for substantially all major OEMs of heavy-duty vehicles. TruckPro sells its products to over 35,000 customers in numerous end markets, including small, regional and national trucking companies; private fleets; waste services companies; construction companies; municipalities and independent repair shops. TruckPro was founded in 1958 and is based in Memphis, Tennessee.

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Buyer(S) 3

Buyer

CHS Capital

Chicago, Illinois, United States

Category Private Equity Firm
Founded 1988
PE ASSETS 2.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CHS Capital is a large private equity firm that targets US-based company investments in a variety of sectors. CHS will consider both control and non-control positions in businesses with proven management and strong growth potential. Broad sectors of interest include business services, consumer services, consumer products, distribution, industrial products and infrastructure. The Firm looks for businesses valued from $75 to $300 million. CHS will not invest in venture opportunities or turnaround situations. CHS was formed in 1988 and is based in Chicago, Illinois.


DEAL STATS #
Overall 27 of 42
Sector: Distribution M&A 8 of 10
Type: Buyout (LBO, MBO, MBI) M&A Deals 16 of 20
State: Tennessee M&A 3 of 4
Country: United States M&A 27 of 42
Year: 2006 M&A 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-01 Kranson Industries

St. Louis, Missouri, United States

Kranson Industries, Inc. is a distributor of container packaging components, including plastic and glass bottles, pails, dispensers and related closures. The company operates under the trade name TricorBraun and is headquartered in St. Louis, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-28 Penhall

Irving, Texas, United States

Penhall is a national provider of concrete cutting, breaking and excavation and highway grinding services in the United States with the first or second market position in the majority of its served markets. Penhall has 37 branch locations in 17 states, over 800 skilled employees and an equipment fleet of 750 revenue producing units. Penhall provides a broad range of concrete- and asphalt-related services that generally are part of much larger construction projects in the non-residential building construction and infrastructure markets. Penhall was founded in 1957 and is based in Irving, Texas.

Buy $240M
Buyer

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 16 of 120
Sector: Distribution M&A 2 of 9
Type: Buyout (LBO, MBO, MBI) M&A Deals 8 of 27
State: Tennessee M&A 1 of 2
Country: United States M&A 16 of 118
Year: 2006 M&A 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-01 ArrMaz Custom Chemicals

Mulberry, Florida, United States

ArrMaz Custom Chemicals, Inc. is a producer of process chemicals to the phosphate fertilizer mining and manufacturing industry, a manufacturer of additives to the asphalt paving market, and a growing supplier of other diversified industrial mineral flotation and surfactant chemicals.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-06 SafeWorks

Seattle, Washington, United States

SafeWorks LLC is a manufacturer and distributor of powered suspended access and safety solutions for a wide variety of energy, infrastructure, construction and restoration industries.

Buy -
Buyer

Oaktree Capital Management

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1995
PE ASSETS 26.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Oaktree Capital Management LLP is a global alternative investment firm with a variety of investment strategies spanning corporate debt, convertible securities, distressed debt, control investing, real estate, and public investing. The Firm's control investing group is spread across several disciplines, including Global Principal, European Principal, Power, and Infrastructure. Oaktree was formed in 1995 and is based in Los Angeles.


DEAL STATS #
Overall 29 of 129
Sector: Distribution M&A 1 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 17 of 45
State: Tennessee M&A 1 of 3
Country: United States M&A 25 of 83
Year: 2006 M&A 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-02 Bristol Farms

Carson, California, United States

Bristol Farms, Inc. is a grocery retailer of gourmet, organic, and natural foods.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-08-15 Cannon Technologies

Minneapolis, Minnesota, United States

Cannon Technologies, Inc. is a developer and marketer of measurement and control products aimed at helping utilities improve the utilization, reliability and cost effectiveness of their transmission and distribution systems.

Sell -