Clearlake Capital-Backed Wheel Pros Acquires U.S. Manufacturing Facility From American Eagle
To Open First U.S. Manufacturing Operation with 220,000 SF Facility in York County, South Carolina
SANTA MONICA, Calif. and GREENWOOD VILLAGE, Colo., Oct. 4, 2018 /PRNewswire/ -- Wheel Pros, a leading designer, marketer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories, today announced plans to establish new U.S. manufacturing and distribution operations. To establish its new U.S. footprint, Wheel Pros also announced it has purchased an existing 220,000 square foot manufacturing facility, formerly owned by Eagle Alloys, Inc. / American Eagle Wheel Corporation ("American Eagle") in York County, South Carolina. Financial terms of the transaction were not disclosed.
The South Carolina facility will have the capacity to produce more than 750,000 wheels per year, and is expected to be operational in the first quarter of 2019. Founded in 1995, Wheel Pros currently serves more than 10,000 retailers with a global network of 33 distribution centers spanning North America and Australia. Wheel Pros has a portfolio of 12 proprietary brands with more than 300 custom wheel styles, including some of the most recognized designs in the industry.
"We are thrilled to bring automotive aftermarket wheel manufacturing to the United States," said Jody Groce and Randy White, Co-Founders and Co-CEOs of Wheel Pros. "With the backing of Clearlake, we've been able to execute on our strategy of driving growth both organically and inorganically. Our customers will benefit from being able to purchase the highest quality, American-made aftermarket wheels through our global network of distribution centers."
"Wheel Pros continues to exhibit its industry leadership by completing this investment to manufacture its products domestically," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, a Partner at Clearlake. "With this investment, Wheel Pros will be able to provide its customers with innovative new styles rapidly and adapt to changing market dynamics. This acquisition illustrates how Clearlake partners with world class management teams to deploy its O.P.S.® approach and execute on a strategy of investing for growth."
ABOUT CLEARLAKE
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 over $8 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.
Media Contact:
OWEN BLICKSILVER PUBLIC RELATIONS, INC.
Kristin Celauro
732-433-5200
[email protected]
or
Jennifer Hurson
845-507-0571
[email protected]
SOURCE Clearlake Capital Group
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