Clearlake Capital Group has acquired BBB Industries LLC, a sustainable manufacturer in the automotive aftermarket. As part of the deal, Genstar Capital and the BBB management team will continue its investments in the firm with Clearlake becoming the majority shareholder.
BBB is a provider of sustainable manufacturing of automotive parts and does business across 64 countries through five divisions. The firm offers sustainable processes for its electric vehicle and renewable energy sectors through its most recent business division, TerrePower.
“We have increasingly deepened our knowledge of, and relationship with, BBB over the past several years and have been impressed with the company’s development,” added José Feliciano, co-founder and managing partner of Clearlake. “We see a significant opportunity to partner with BBB’s management team to build upon their core business as well as several compelling growth areas across the automotive and broader industrial and renewable energy ecosystems.”
Goldman Sachs & Co. LLC served as financial advisor to BBB and Latham & Watkins LLP served as legal counsel to BBB. J.P. Morgan served as financial advisor and provided committed debt financing to Clearlake in support of the transaction. Kirkland & Ellis LLP served as legal counsel to Clearlake.