Investcorp bought FleetPride, the largest truck and trailer parts distributor in the US, in 2006
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.