27 Nov 2012

SALE UNLOCKS $500 MILLION OF DISTRIBUTION PROCEEDS FOR INVESTCORP AND ITS INVESTORS

Investcorp, a global provider and manager of alternative investment products, announced today that it has completed the sale of FleetPride, North America’s largest truck and trailer parts distributor, to TPG, one of the largest private equity investment firms globally, for more than $1 billion.

Steve Puccinelli, Managing Director at Investcorp and Head of Corporate Investment for North America and Europe said: “FleetPride represents the type of core, mid-market corporate investment that we typically target in the U.S. We worked closely with FleetPride’s management team from a very early stage in our investment to successfully implement strategic growth plans, thereby enhancing the company’s operations. The success of the FleetPride investment is a testament to our ability to grow our portfolio companies, even during challenging economic conditions, while maximizing the returns for our investors.”

FleetPride is an active participant in the $22 billion U.S. truck and trailer part aftermarket, and is now the largest truck and trailer parts distributor in North America, with a presence in key commercial and economic hubs throughout the United States.

Since its acquisition of FleetPride in 2006, Investcorp has supported 31 different add-on acquisitions by the company, strengthening its cross-country supply chain and adding total acquired sales of over $270 million. Investcorp helped increase FleetPride’s branch count to 248 with operations in 45 U.S. states. Investcorp’s initiatives increased the company’s EBITDA from $52 million at the time of purchase in June 2006 to over $100 million forecasted for 2012, helping generate a net return of more than 200% for investors.