SANTA MONICA, Calif. and GREENWOOD VILLAGE, Colo., Oct. 29, 2018 /PRNewswire/ -- Wheel Pros, a leading designer, marketer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories, today announced that it has acquired ReadyLIFT, a leading designer and distributor of suspension, lift, and leveling kits. Financial terms of the transaction were not disclosed.
ReadyLIFT designs, manufactures, and distributes suspension leveling products and lift kits for the truck, jeep, and sport utility vehicle markets. It also offers accessories through its AMI Styling brand, as well as value-branded suspension kits through its RuggedLift brand. Wheel Pros currently serves more than 10,000 retailers with a global network of 33 distribution centers spanning North America and Australia. Founded in 1995, 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.
"Suspension, lift, and leveling kits are a natural extension of our existing product portfolio and we're excited to add a well-regarded brand known for its design and quality," said Jody Groce and Randy White, Co-Founders and Co-CEOs of Wheel Pros. "Our customers will benefit from having access to ReadyLift's best-in-class products through our leading distribution network. Consumers often buy a lift or leveling kit when they purchase their wheels, and now they will be able to receive these high quality products through Wheel Pros' same-day or next-day delivery. With the backing of Clearlake, we've been able to execute on our strategy of driving growth both organically and inorganically."
"With this strategic acquisition, Wheel Pros can now offer enhanced products to ReadyLIFT's existing customers, and can also introduce new customers to ReadyLIFT's high-quality products through Wheel Pros' global network of distribution centers," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner, at Clearlake. "We are excited to continue our support of Jody, Randy and the Wheel Pros management team as they expand their product offering and accelerate growth. This acquisition illustrates how Clearlake partners with world class management teams to deploy its O.P.S.® approach and execute on an accretive acquisition strategy, completing our third add-on acquisition with Wheel Pros."
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, as well as direct to consumers through online channels. For more information, visit the Company's website at www.wheelpros.com.
SOURCE Clearlake Capital Group, L.P.
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