Ropes & Gray LLP acted as legal counsel to Truck Hero, while Kirkland & Ellis LLP acted as legal counsel to L Catterton in the transaction.
L Catterton and CCMP Capital entered into a definitive agreement under which a consortium led by L Catterton and its affiliates will acquire a controlling interest in Truck Hero®, Inc., the leading provider of functional aftermarket accessories for pickup trucks and Jeep® vehicles.
The consortium includes a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), as well as Mubadala Investment Company and StepStone Group Inc. (Nasdaq: STEP). CCMP, among other shareholders, and Truck Hero’s founding Chief Executive Officer, Bill Reminder, will remain meaningful investors in the company. Terms of the transaction were not disclosed. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions.
With over $22 billion of equity capital across its fund strategies and 17 offices globally, L Catterton is the largest and most global consumer-focused private equity firm in the world. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network.
Founded in 2007, Truck Hero is the industry-leading innovator, manufacturer, and marketer of branded functional truck and Jeep accessories that enhance the experience for consumers’ daily activities and enthusiast lifestyles. Through superior engineering and innovation, established customer relationships, and strategic acquisitions, Truck Hero has grown rapidly and today is the undisputed leader in its core products and channels.
The Kirkland team advising L Catterton was led by transactional partners Joshua Kogan (Picture), Christian Atwood, Elizabeth Freechack and Ryan Brissette. Partners Jason Kanner, Joshua Korff and Kathryn Leonard advised on the financing, and partners Vincent Thorn and Vivek Ratnam advised on tax.
The Ropes & Gray team that represented CCMP and Truck Hero was led by private equity partners Garrett Charon, David Blittner and Andrew Silver, and included finance partners Jay Kim and Andrea Hwang, tax partner Adam Greenwood, employment, executive compensation & benefits partner Allie Alperovich (all of New York), and strategic transactions partner Craig Marcus (Boston).
Involved fees earner: Christian Atwood – Kirkland & Ellis; Ryan Brissette – Kirkland & Ellis; Elizabeth Freechack – Kirkland & Ellis; Jason Kanner – Kirkland & Ellis; Kathryn Keves Leonard – Kirkland & Ellis; Joshua Kogan – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Vivek Ratnam – Kirkland & Ellis; Vincent Thorn – Kirkland & Ellis; Allie Alperovich – Ropes & Gray; David Blittner – Ropes & Gray; Garrett Charon – Ropes & Gray; Adam Greenwood – Ropes & Gray; Andrea Hwang – Ropes & Gray; Jay Kim – Ropes & Gray; Craig Marcus – Ropes & Gray; Andrew Silver – Ropes & Gray;