Genstar Capital has made a significant investment in Truck-Lite, a provider of safety lighting, filtration systems, and telematics services for commercial vehicles.
Truck-Lite was owned by affiliates of BDT Capital Partners, Koch Equity Development and Penske Corporation. As part of its investment, Genstar acquired BDT and Koch's ownership interests.
Brian Kupchella, Truck-Lite's Chief Executive Officer, commented, "We are very excited to partner with Genstar. We believe its investment philosophy aligns extremely well with Truck-Lite's long-term strategy and will allow us to accelerate our growth plans, continue to invest in new products and markets and improve our value proposition to our customers and partners."
In October 2019, Truck-Lite added a volumetric cargo system to its Road Ready trailer telematics suite.The system works by dividing a trailer into zones, depending on its size, and employing up to five cargo sensors that work in conjunction. Each sensor simultaneously reports how much freight is loaded into each zone, allowing fleets to see if there is any cargo space that is not being used.
Patrick Conroy, Chief Financial Officer of Penske Corporation and member of the Truck-Lite board of directors, commented, "Truck-Lite serves as a valuable partner to many of the world's largest commercial vehicle fleets, OEMs and distributors. Truck-Lite has a strong history of developing new innovations that make them leaders in providing technologically advanced products that allow truck fleets to operate with improved safety and reduced costs. We look forward to continuing our relationship with Truck-Lite and supporting Genstar to accelerate Truck-Lite's growth."
Baird and Barclay acted as financial advisors and Jones Day acted as legal advisor to Truck-Lite. Weil acted as legal advisor to Genstar.
Truck-Lite is has been providing advanced lighting systems since 1955. Check out a video below of their products in action: