Penske Sells Majority Share of Truck-Lite to Two Investment Groups
Penske Corp. sold its majority share of lighting-systems manufacturer Truck-Lite Co., a supplier to the commercial trucking industry, to Koch Equity Development and BDT Capital Partners.
Penske will retain a minority interest in its former subsidiary. The transaction takes effect immediately, a Truck-Lite release said Sept. 28. Financial details were not disclosed.
“It’s business as usual,” Robert Ives, Truck-Lite’s executive vice president of business development, told Transport Topics.
Truck-Lite, based in Falconer, New York, is a provider of safety lighting and filtration systems for commercial vehicles as well as LED lighting to the off-road industry. It was owned by Penske with later investments by Kelso & Co, Truck-Lite said.
Truck-Lite CEO Brian Kupchella said, "We are very excited for our partnership with KED, BDT and Penske. We believe their long investment horizon and strategic approach will allow us to enhance the execution of our growth strategy, continue to invest in new products and markets and improve our value proposition to our customers and partners."
Roger Penske, chairman of Penske Corp. said, "I could not have imagined a stronger group of investors than KED, BDT and Penske. I believe the partnership will significantly strengthen Truck-Lite's growth potential. Since our acquisition of Truck-Lite in 1997, it has consistently demonstrated an ability to develop innovative new products for the transportation market and I look forward to participating in the company's continued success in the years to come."
