Harvest Partners, LP, a New York-based private equity firm, announced that its portfolio company TruckPro, LLC, a leading distributor of heavy-duty truck and trailer parts and repair services, purchased CCI Corporation from Illinois Tool Works Inc. Terms of the transaction were not disclosed.
TruckPro is one of the largest independent distributors of heavy-duty aftermarket truck parts and accessories in the U.S. TruckPro distributes a full range of maintenance and repair products for heavy-duty vehicles of substantially all makes and models. The company sells its products to a diverse, growing base of customers in numerous end markets, including small, regional and national trucking companies, private fleets, waste services companies, construction companies, municipalities, and independent repair shops.
CCI is a leading network of commercial vehicle parts and service locations, with 100 retail stores, service shops and distribution center locations in the U.S. and Canada. CCI’s product offering includes full drivetrain, power take-off, suspension, brakes, hydraulics and related products, as well as repair and rebuilding services.
The acquisition substantially increases the scale and scope of TruckPro’s operations. The newly combined company has 165 locations, a truly national footprint, a significant Canadian presence and a strengthened product and service offering in the gearing and drivetrain categories.
“The addition of CCI to TruckPro’s existing business positions TruckPro as a leading provider of heavy duty truck and trailer products and advanced repair services in North America,” said Steve Riordan, TruckPro’s Chairman and CEO. “CCI has a rich history in the gear and drivetrain segments, which are an excellent complement to the broad, heavy duty product offerings of TruckPro. Also, TruckPro and CCI share the same culture of providing world-class customer service, respecting our core supplier partners and treating our associates like family.”
Thomas Arenz, senior managing director at Harvest, said, “We are excited about the many sales and customer service opportunities that result from combining CCI and TruckPro. Consistent with Harvest’s longstanding strategy of building value through business transformation, the transaction will extend TruckPro's distribution footprint and expand the company’s product and service capabilities.”
“The strategic combination of TruckPro and CCI greatly advances our vision to establish a leading North American distribution company," said Christopher Whalen, managing director at Harvest. "Our integration plan will leverage the relative strengths of both companies – and particularly the combined organization of over 1,800 sales, service and support associates – to create a compelling value proposition for suppliers and customers.”
Senior debt financing for the transaction was provided by a consortium led by Madison Capital Funding, JPMorgan Chase Bank, CIT Finance, Ally Commercial Finance and NXT Capital. Guggenheim Corporate Funding provided subordinated debt financing. White & Case LLP advised TruckPro.
Simon Roberts, Paige Daly, James Mitchel, and Daniel Bise of Harvest Partners also worked on the transaction.
