For more than 100 years, TRICO® has been a global leader in wiper technology, providing reliable, innovative wiper blade products that come through at the moment you need them most.
(Rochester Hills, Michigan & Cleveland, Ohio) – Trico Products Corporation ("TRICO" to the "Company") today announced the signing of a definitive agreement under which Crowne Group LLC ("Crowne") will acquire the Company from funds managed by Kohlberg & Company, L.L.C. TRICO will maintain its headquarters in Rochester Hills, MI and the current management team, led by Lou Braga, President and CEO. Terms of the transaction were not disclosed.
TRICO is a global manufacturer, marketer and distributor of windshield wiper blades, systems and components. The Company operates as a fully integrated business with leading market positions in both the Aftermarket and Original Equipment Manufacturer ("OEM") segments. TRICO employs approximately 2,450 people throughout the United States, Mexico, Asia, Europe, Australia and South America.
"TRICO represents an excellent strategic fit for Crowne due to its balanced mix of business between Aftermarket and OEM, potential for manufacturing and distribution synergies, a great infrastructure and management team," said Stephen Graham, Chief Financial Officer of Crowne. "We are excited to enter into a new phase of our own evolution, and we look forward to working with our new partners as we continue to successfully execute our strategy."
"We are pleased with the outcome of our investment in TRICO and believe that the Company has a bright future," said Evan Wildstein, Partner at Kohlberg & Company. "We are confident that the Company will continue on its trajectory of success under Crowne Group’s ownership."
The acquisition is subject to customary regulatory approvals and is expected to close in the coming months.
Sawaya Segalas & Co., LLC acted as financial advisor to TRICO and Ropes & Gray LLP acted as its legal counsel. 3S Advisors, LLC acted as financial advisor to Crowne and Jones Day served as its legal counsel.
About Trico Products Corporation
Founded in 1917, TRICO is a global manufacturer, marketer and distributor of windshield wiper blades, systems and components. The Company operates as a fully integrated business with leading market positions in both the Aftermarket and OEM segments. TRICO
is headquartered in Rochester Hills, MI, and employs approximately 2,450 people throughout the United States, Mexico, Asia, Europe, Australia and South America. The Company also has a technology center in Rochester Hills, MI, and core manufacturing operations in Brownsville, TX and Matamoros, Mexico. For more information, visit www.tricoproducts.com.
About Crowne Group LLC
Crowne, headquartered in Cleveland, Ohio, is a leading manufacturer and distributor of both Aftermarket and OEM component parts for the automotive and other industrial equipment markets. The business operates two divisions, Aftermarket and Original Equipment, and serves numerous leading customers including mass retail, distributors, OEM and Tier I manufacturers. Crowne has a strong reputation in the industry and offers a diverse portfolio of products, including carbon and stainless steel tube components and fabricated products for exhaust systems, gas springs, fuel system components and injection molded plastic parts.
Since 2000, Crowne has successfully completed and integrated nine acquisitions. Crowne currently employs approximately 1,400 people and operates eight strategic manufacturing facilities in North America. For more information, visit www.crownegroupllc.com.
About Kohlberg & Company, L.L.C.
Kohlberg & Company is a leading private equity firm specializing in middle market investing. Since its inception in 1987, Kohlberg has organized seven private equity funds, through which it has raised over $5 billion of committed equity capital. Over its 27 year history, Kohlberg has completed 62 platform investments and well over 100 add-on acquisitions, with an aggregate transaction value of over $9 billion. Kohlberg invests in companies where it can work in partnership with senior management to identify growth opportunities and implement fundamental operating and strategic changes, resulting in substantial increases in revenue and cash flow. For more information, visit www.kohlberg.com.