Harvest Partners, a New York-based private equity firm, has completed the acquisition of TruckPro Inc. from funds managed by Oaktree Capital Management and plans to turn it into a nationwide concern.
Oaktree will maintain a significant ownership stake in the company. Terms of the transaction were not disclosed.
TruckPro, headquartered in Memphis, Tenn., is one of the largest independent distributors of heavy-duty aftermarket truck parts and accessories in the U.S. Founded in 1958, TruckPro sells its products to more than 35,000 customers in numerous end markets. It currently operates 62 locations throughout 17 states in the South, Southeast, Midwest and Mid-Atlantic.
Steve Riordan will join TruckPro as Chairman and Chief Executive Officer. He has over 35 years of experience in the industrial distribution sector, most recently as president and CEO of Communication Supply Corp., a former Harvest portfolio company, and has been a member of TruckPro's board of directors since 2010. Riordan, along with key TruckPro management, will have a significant investment in the company.
"TruckPro has a terrific opportunity to expand its geographic footprint and product offering and to increase penetration within its existing regions both organically and through strategic acquisitions," said Riordan. "We look forward to driving this growth in partnership with Harvest and taking TruckPro from a super-regional company to a national distribution powerhouse in the coming years."
Oaktree will maintain a significant ownership stake in the company. Terms of the transaction were not disclosed.
TruckPro, headquartered in Memphis, Tenn., is one of the largest independent distributors of heavy-duty aftermarket truck parts and accessories in the U.S. Founded in 1958, TruckPro sells its products to more than 35,000 customers in numerous end markets. It currently operates 62 locations throughout 17 states in the South, Southeast, Midwest and Mid-Atlantic.
Steve Riordan will join TruckPro as Chairman and Chief Executive Officer. He has over 35 years of experience in the industrial distribution sector, most recently as president and CEO of Communication Supply Corp., a former Harvest portfolio company, and has been a member of TruckPro's board of directors since 2010. Riordan, along with key TruckPro management, will have a significant investment in the company.
"TruckPro has a terrific opportunity to expand its geographic footprint and product offering and to increase penetration within its existing regions both organically and through strategic acquisitions," said Riordan. "We look forward to driving this growth in partnership with Harvest and taking TruckPro from a super-regional company to a national distribution powerhouse in the coming years."
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