FALCONER, NY – Truck-Lite Co. has announced it is being purchased by an affiliate of Koch Equity Development LLC and BDT Capital Partners LLC and will partner with Penske Corp.
The move will allow the commercial vehicle and filtration systems provider, majority owned by Penske to relinquish its control, allowing Truck-Lite to expand with new products and services, according to a news release.
“Truck-Lite is an exciting opportunity for KED,” said Matt Flamini, president of KED. “Truck-Lite has a leading position with a strong management team and a consistent record of results. Partnering with BDT, Penske and the Truck-Lite management team is an important part of the KED investment strategy.”
Terms of the deal have not been released. Completion of the transaction is expected in the fourth quarter of this year, subject to customary closing conditions and regulatory approvals.
“Our strategic partnership with KED and Penske, combined with our long-term capital, will provide a solid foundation and long runway for Truck-Lite’s management team to pursue attractive growth opportunities in new products and markets,” said John Dills, managing director at BDT.
The New York based-Truck-Lite Co. has additional U.S. manufacturing facilities in Wellsboro, Coudersport and McElhattan, PA; Saline, MI; and Gilbert, AZ. International facilities are located in Harlow and Birmingham England; Puebla, Mexico; and Eisenach, Germany.
Koch Equity Development LLC is the acquisition and investment subsidiary of Koch Industries Inc. and is one of the largest private companies in U.S., with estimated annual revenues as high as US$115 billion, according to Forbes magazine.
BDT Capital Partners is an investment firm that provides family-owned and entrepreneurially led companies with long-term capital and has a portfolio worth more than US$8 billion.
Penske Corp. is a closely held, diversified, on-highway, transportation services company whose subsidiaries operate in a variety of industry segments, that manages businesses with revenue in excess of US$26 billion.
“I could not have imagined a stronger group of investors than KED, BDT and Penske. I believe the partnership will significantly strengthen Truck-Lite’s growth potential,” said Roger Penske, chairman of Penske Corp. “Since our acquisition of Truck-Lite in 1997, it has consistently demonstrated an ability to develop innovative new products for the transportation market and I look forward to participating in the company’s continued success in the years to come.”