Truck Hero has acquired Lund International Holding Co., a portfolio company of Highlander Partners. The transaction terms were not disclosed.
Lund, based in Buford, Ga., is a leading designer, manufacturer, and marketer of branded automotive accessories for a full assortment of passenger cars, light trucks, SUVs, CUVs and Jeeps, as well as the heavy truck category.
Truck Hero provides a range of functional pickup truck and Jeep accessories. The company has leading brands, an extensive distribution network, and channel diversification. This transaction adds a complementary product portfolio that further diversifies the company’s product category mix and increases exposure to a larger addressable market of vehicles.
Lund International offers brand names that include: AMP Research, AVS, Belmor, Bushwacker, LUND, Rampage Products, RoadWorks Mfg., Roll-N-Lock, Stampede Automotive Accessories, and TonnoPro.
“This is an opportune time to bring Truck Hero and Lund together,” said Bill Reminder, president and CEO of Truck Hero. “Mitch Fogle and the entire Lund team have built an impressive collection of great companies which will be a perfect match to Truck Hero. We look forward to working with Mitch and his team to leverage our combined capabilities to further build the Company’s position as the foremost source for automotive aftermarket accessories.”
“We believe the merger of these two great companies is a winning combination,” said Fogle. “Together we manufacture and commercialize market leading brands that encompass the broadest product offering of vehicle accessories. We are extremely happy to join Bill and the Truck Hero family to continue to drive innovation across the industry.”
“The highly talented Lund and Highlander teams have built a very attractive, profitable and scalable portfolio of functional automotive accessories brands,” said Joe Scharfenberger, a managing director at CCMP Capital.
“We and our partners at Truck Hero welcome them into the Truck Hero family and look forward to realizing the many benefits this combination will bring to our collective customers, employees and shareholders,” said Jeff Hull, president and CEO of Highlander Partners. “We decided that the combining of Lund into Truck Hero was an outstanding opportunity to further enhance an already successful investment. We will be a significant shareholder in the combined company and look forward to continuing our partnership with the Lund management and working alongside Bill and his team at Truck Hero, as well as CCMP, to continue to grow these businesses.”
This transaction marks Truck Hero’s fifteenth acquisition since its formation in 2007.