April 10, 2018 /PRNewswire/ -- Clearlake Capital Group, L.P. announced the acquisition of Wheel Pros Holdings, LLC in partnership with Wheel Pros’ management team. Wheel Pros is a leading designer, marketer and distributor of branded automotive aftermarket wheels, performance tires and accessories. Financial terms of the transaction were not disclosed.
Founded in 1995, Wheel Pros serves more than 10,000 retailers with a growing global network of 33 distribution centers spanning North America and Australia. The Company has a portfolio of 12 proprietary brands with over 300 custom wheel styles. Wheel Pros' brands have a strong presence across all major vehicle segments, including light trucks, SUVs, passenger cars, and power sport utility vehicles.
"We are thrilled to partner with Clearlake as we look to bolster Wheel Pros' leadership position in automotive aftermarket wheels," said Jody Groce and Randy White, Co-Founders and Co-CEOs of Wheel Pros. "Our customers demonstrate a strong connection to their vehicles and take pride in their presentation. Custom wheels continue to be one of the most visible ways to personalize a vehicle and our customers use it as an opportunity to express their personality. Clearlake's operational expertise and substantial resources will allow us to continue innovating and providing the highest quality products and services to our customers and help us accelerate growth."
"Wheel Pros is a clear market leader in automotive aftermarket wheels, and we are excited to partner with Randy, Jody, and the management team as the Company enters its next phase of growth," said José E. Feliciano, Co-Founder and Managing Partner at Clearlake. "Wheel Pros' superior product innovation, diverse portfolio of iconic brands, and relentless focus on customer service and consumer satisfaction has allowed the Company to develop a passionate and loyal customer base as well as enabled the Company to establish itself as the leading distributor in the industry."
"We look forward to supporting Wheel Pros in its strategic growth initiatives, including further expanding its distribution network and increasing the breadth of its offering, both organically and through acquisitions," said Colin Leonard, Partner at Clearlake. "The Company's diverse portfolio of brands and strong position in very attractive vehicle segments should enable the platform to continue on its growth trajectory and expand market share."
William Blair served as financial advisor to Wheel Pros.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials and energy; software and technology-enabled services; and consumer. Clearlake has managed approximately $7 billion of institutional capital since inception and its senior investment principals have led or co-led over 100 investments. More information is available at www.clearlake.com.
ABOUT WHEEL PROS
Headquartered in Denver, Colorado, Wheel Pros is a leading designer, marketer, and distributor of branded aftermarket wheels. The Company also distributes performance tires and accessories. Founded in 1995 with two distribution centers, the Company today carries proprietary, leading brands that are recognized across all major vehicle segments and are sold through a footprint of 30 national and three international distribution centers. For more information, visit the Company's website at www.wheelpros.com.