US private equity firm TPG has acquired truck and trailer parts distributor FleetPride from Bahrain’s alternative asset manager Investcorp for over US$1bn, Investcorp said in a statement on Tuesday.
Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, said the sale will add US$500m of distribution proceeds to the company and its investors.
The Manama-based firm bought FleetPride, now the largest truck and trailer parts distributor in North America, in 2006 and supported 31 different add-on acquisitions by the company to expand its footprint, Investcorp said.
FleetPride’s EBITDA (earnings before interest, tax, depreciation and amortisation) increased from US$52m at the time of acquisition to over $100 forecasted for 2012, the private equity firm said.
TPG, has a history of turning around retailers like US fashion house J Crew and Taiwan family-run women’s shoe retailer Daphne.
It withdrew from a AUD$694m takeover of Australian surfwear retailer Billabong International in October.
Investcorp is one of the largest private equity and hedge fund company in the region and had US$11.5bn in assets under management as at June 30.
It bought Danish luxury retailer Georg Jensen for US$140m earlier in November and raised US$250m from a five-year international bond issue.
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