NEW YORK, Dec. 19, 2018 /PRNewswire/ -- American Securities LLC announced today that it has partnered with management and acquired FleetPride, Inc. ("FleetPride" or the "Company") from TPG Capital. FleetPride is a leading national distributor of aftermarket parts for the U.S. heavy-duty truck industry. Financial terms of the transaction were not disclosed.
Based in Irving, Texas, FleetPride is the largest independent heavy-duty aftermarket parts distributor in the U.S. The Company acts as a critical link between 2,150 suppliers and 100,000 customers who are served through a national network of over 270 branch locations. FleetPride carries the industry's broadest selection of aftermarket truck parts, offering over 145,000 SKUs across 490 brands, including its own private label offering.
Al Dragone, President and CEO of FleetPride commented, "Over the past three years, FleetPride has invested in building out its leadership team, enhancing internal processes, and developing capabilities to strengthen its industry-leading market position. We are excited to partner with American Securities and believe that its internal resources and investment expertise will help accelerate our business plan and growth objectives."
"We are pleased to partner with Al and the rest of the FleetPride management team as they continue to execute on a strategy to drive above-market organic growth and further consolidate the industry," commented Will Manuel, a Managing Director of American Securities. "The Company's scale, best-in-class product offering, supply chain capabilities, and strong management team create a sustainable competitive advantage and make FleetPride a strong fit for our investment strategy."
"It's been a pleasure to work closely with Al and the team throughout FleetPride's transformation," said Christopher Yip of TPG Capital. "We are proud of the strong momentum they've achieved, and wish them continued growth and success with their new partners at American Securities."
Weil, Gotshal & Manges LLP served as legal counsel to American Securities, and Vinson & Elkins LLP served as legal counsel to FleetPride with respect to the transaction. Barclays acted as financial advisor to the Company with respect to the transaction.
Formed in 1999 and headquartered in Irving, TX, FleetPride is the nation's largest distributor of truck and trailer parts in the independent heavy-duty aftermarket channel. FleetPride operates over 270 locations in 46 states, including 40 Service Centers with more than 260 trained Technicians. Operating through five regional distribution centers, FleetPride carries over 400 nationally recognized brands and serves a diverse customer base across multiple industries, including freight and shipping, leasing services, agriculture, food and beverage, construction, and waste management.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management. For more information, visit www.american-securities.com.
TPG is a leading global alternative asset firm founded in 1992 with more than $103 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG's investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com.
SOURCE American Securities LLC