Private investment firm TPG has signed an agreement with Investcorp to acquire heavy-duty truck and trailer parts retailer FleetPride for an undisclosed amount.
The transaction, which is expected to close in the fourth quarter of 2012, is subject to customary conditions, including receipt of applicable regulatory approvals.
FleetPride chairman and CEO McGee said, "TPG's vision for expansion through acquisition and greenfield opportunities will enable FleetPride to better serve our existing customers as we aggressively grow our national footprint."
The transaction is claimed to deliver fully committed financing, consisting of a combination of equity to be invested by TPG and debt financing to be provided by certain affiliates of Deutsche Bank Securities, Bank of America Merrill Lynch and RBC Capital Markets.
FleetPride said TPG holds expertise in industrial distribution and the vehicle aftermarket sector.