UAE - Mubasher: Abu Dhabi-based Mubadala Investment Company has joined a consortium led by L Catterton, a consumer-focused private equity firm, and its affiliates to acquire a controlling interest in Michigan-based Truck Hero.
The consortium also includes a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and StepStone Group, according to a recent press release.
CCMP Capital and Truck Hero’s Founding CEO, Bill Reminder, will remain investors in Truck Hero, a provider of automotive accessories for pickup trucks and Jeep vehicles.
The transaction is expected to close in the first quarter (Q1) of 2021.
Commenting on the acquisition, Reminder said: "With their long track record of successfully partnering with and growing enthusiast brands that resonate with consumers, L Catterton is the ideal partner to help us take Truck Hero to even greater heights."
The Managing Partner at L Catterton, Marc Magliacano, commented: "We are especially excited about the potential for RealTruck.com, Truck Hero’s direct to customer online marketplace that has become the go-to online retailer for truck enthusiasts across the country."
