US corporation Penske has reportedly sold its majority share of lighting expert Truck-Lite to Kansas-based Koch Equity Development and BDT Capital Partners from Chicago.
Koch Equity Development is the acquisition and investment subsidiary of $115 billion powerhouse Koch Industries, one of the largest private companies in America, and has high hopes for the globally active component specialist.
“Our strategic partnership with KED and Penske, combined with our long-term capital, will provide a solid foundation and long runway for Truck-Lite's management team to pursue attractive growth opportunities in new products and markets,” John Dills, Managing Director at BDT, commented on the investment.
According to an official Truck Lite statement, Penske will retain a minority interest in its former subsidiary, with Chairman Roger Penske stating he was confident in the future success of the brand.
“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.”
Truck-Lite President and Chief Executive Officer Brian Kupchella commented, “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.”
While details of the deal were not disclosed, Robert Ives, Truck-Lite’s Executive Vice President of Business Development, told US magazine Transport Topics that business will continue as usual.