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Platinum may buy TruckPro from Harvest: Bloomberg
Posted on Monday, 07 October 2019 11:30
Harvest Partners is in discussions to sell TruckPro to Platinum Equity in an exit that could value the independent heavy-duty aftermarket truck parts and accessories distributor at up to USD 500.00 million, sources told Bloomberg.
The people, who declined to be named as the talks are private, added an announcement may come as early as this week, though they added the usual caveat there is no guarantee a deal would go ahead.
According to its website, Memphis-headquartered TruckPro is one of the US’s largest independent distributors of heavy-duty truck and trailer products.
The company, which was founded in 1958, has over 150 retail locations in 33 states that supply more than 300,000 branded parts from over 200 manufacturers.
In addition, the business has 80-plus maintenance and repair centres that provide inspection and diagnostics, general and speciality services ranging from clutch replacement to leaf spring rebuilding.
Harvest acquired TruckPro from Oaktree, which retained a “significant ownership stake”, according to the statement at the time, for an undisclosed sum in November 2011.
In the intervening eight years, the portfolio company has scaled up its domestic presence through numerous acquisitions that include Cornerstone Fleet Services in June, PNP Enterprises in January and Terminal Air Brake Supply in December 2018.
Zephyr, the M&A database published by Bureau van Dijk, shows 145 deals targeting the global motor vehicle parts and supplies merchant wholesale sector have been announced in 2019 to date.
The largest of these transactions featured Doncaster-headquartered Motorhog, Cheshire-based Car Transplants, Gloucestershire-based FAB Recycling and Edinburgh-based DH Systems coming together in a for USD 132.33 million merger that created Synetiq.
China Yongda Automobiles acquired Inchcape Asia Pacific for USD 116.11 million in the second-largest deal of the year to date.
© Zephus Ltd