RUGGED RIDGE, SUPERLIFT, OMIX–ADA OWNER BRANCHING OUT MORE IN JEEP WORLD
ModernJeeper has learned that Truck Hero Inc. is set to acquire Lund International Holding Co., a portfolio company of Highlander Partners. We do not know the terms of the deal as they have not been disclosed.
Headquartered in Ann Arbor, Michigan, Truck Hero, Inc. is a fast-growing designer and manufacturer of accessories for pickup trucks with some movement into the Jeep market as well.
Truck Hero provides pickup truck owners a wide variety of truck bed covers and accessory options including truck caps and bed liners. Products enhance the functionality and aesthetics of pickup trucks and enable you to customize and personalize your pickup with innovative products born from high-quality materials, superior engineering and cutting-edge manufacturing.
Existing brands include: Advantage, A.R.E., BACKRACK, BAK, BedRug, Extang, Husky Liners, N-FAB, Omix-ADA, Retrax, Rugged Liner, Rugged Ridge, Superlift Suspension, TruXedo, Undercover and online retailer RealTruck.
This new pending transaction marks Truck Hero’s 15th acquisition since forming in 2007. The company stated in a news release that the acquisition “is well-aligned with the company’s growth strategy of acquiring businesses within the vehicle accessory market that further diversify its product portfolio into attractive, complementary, high growth segments.”
Taking Care of Vets
Truck Hero also supports veterans with their “Building Homes for Heroes.” Building Homes for Heroes® is strongly committed to rebuilding lives and supporting the brave men and women who were injured while serving the country during the time of the wars in Iraq or Afghanistan. The organization builds or modifies homes, and gifts them, mortgage-free, to veterans and their families. ModernJeepers can tip their hat this support of the men and women who have loyally and courageously served our country.
Buford, Georgia-based Lund was founded in 1965 in Anoka, Minnesota with the mission of “leading the industry in meeting customer needs for innovative automotive accessories.” The company’s accessories span 30 product categories from brands that include AMP Research, AVS, Belmor, Bushwacker, LUND, Rampage Products, RoadWorks Manufacturing, Roll-N-Lock, Stampede Automotive Accessories and TonnoPro.
Lund is led by president and CEO Mitch Fogle.
According to media releases from Truck Hero and The Shop:
“This is an opportune time to bring Truck Hero and Lund together,” said Bill Reminder, president and CEO of Truck Hero. “Mitch Fogle and the entire Lund team have built an impressive collection of great companies which will be a perfect match to Truck Hero. We look forward to working with Mitch and his team to leverage our combined capabilities to further build the company’s position as the foremost source for automotive aftermarket accessories.”
Lund provides a complementary product portfolio that further diversifies Truck Hero’s product category mix. The acquisition also helps to increase Truck Hero’s exposure to a larger market of vehicles, according to the company.
“We believe the merger of these two great companies is a winning combination,” Fogle said. “Together we manufacture and commercialize market leading brands that encompass the broadest product offering of vehicle accessories. We are extremely happy to join Bill (Reminder) and the Truck Hero family to continue to drive innovation across the industry.”
“The highly talented Lund and Highlander teams have built a very attractive, profitable and scalable portfolio of functional automotive accessories brands,” said Joe Scharfenberger, a managing director at CCMP Capital. “We and our partners at Truck Hero welcome them into the Truck Hero family and look forward to realizing the many benefits this combination will bring to our collective customers, employees and shareholders.”
Jeff L. Hull, President and CEO of Highlander Partners added, “We decided that the combining of Lund into Truck Hero was an outstanding opportunity to further enhance an already successful investment. We will be a significant shareholder in the combined company and look forward to continuing our partnership with the Lund management and working alongside Bill and his team at Truck Hero, as well as CCMP, to continue to grow these businesses.”
Truck Hero website here.