Wheel Pros, a designer, manufacturer and distributor of proprietary branded aftermarket vehicle enhancements for light trucks, SUVs, passenger cars and ATVs/UTVs has received a strategic investment from Clearlake Capital Group LP, which raised new capital dedicated to fund the company’s growth. Clearlake expects the move to broaden Wheel Pros’ investor base and provide new and follow-on capital at significantly larger scale to support the company’s next chapter of growth.
“We are very honored to have so many top-tier investors bring fresh capital to support our expansion,” said Randy White, Wheel Pros co-founder and CEO. “We believe our ability to uniquely address our enthusiast consumers’ desires with our lifestyle brands and comprehensive portfolio of products positions us very well for future success. We are thrilled that Clearlake has validated our growth and value proposition, and we look forward to continue leveraging their O.P.S. framework to drive strategic expansion and enhance our offerings for both retailers and consumers.”
José E. Feliciano, co-founder and managing partner, and Colin Leonard, a partner at Clearlake, said, “The company has continued to execute on its growth plan through numerous macro challenges while creating significant value for all of its stakeholders. We are thrilled for this next chapter with the company as we believe that there remains a substantial opportunity to grow the business further.”
The transaction also includes a refinancing of the company’s existing capital structure, with committed financing provided by Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Jefferies Finance LLC, KKR Capital Markets, UBS Investment Bank and Wells Fargo Bank N.A. The transaction is expected to close in the second quarter of 2021.