WHEEL PROS ANNOUNCES AGREEMENT WITH LENDERS TO SUPPORT ITS CONTINUED GROWTH AND PROFITABILITY PLAN

Agreed transaction will provide Wheel Pros with liquidity and reduce total debt to strengthen its financial profile

DENVER, Sept. 11, 2023 /PRNewswire/ -- Wheel Pros, Inc. ("Wheel Pros" or the "Company") today announced that it reached an agreement with a majority of its lenders for a comprehensive transaction that includes a "new money" term loan, a refinancing and/or exchange of existing debt and a maturity extension of its ABL facility, the result of which will provide the Company with liquidity and reduce total debt. All existing lenders will be offered the opportunity to participate in the transaction.

Wheel Pros is a leading vertically integrated omnichannel platform for aftermarket automotive enhancements across a wide range of vehicles with a portfolio of proprietary brands. The Company designs, manufactures and distributes custom wheels, tires, and other proprietary branded aftermarket vehicle enhancements for light trucks, SUVs, passenger cars and powersports. Wheel Pros operates across 16,500+ retailer relationships, 40+ distribution centers, 45+ retail locations, and approximately 2,300 employees globally.

"We are excited about this outcome, as this transaction allows the Company to reduce total debt and fortify its balance sheet with additional cash to operate the business and continue delivering the best quality products and services to our customers," said Randy White, CEO, at Wheel Pros. "We would like to thank everyone involved for their continued partnership and agreement to execute this transaction, which we believe will allow us to continue developing Wheel Pros as the leading aftermarket platform for auto enthusiasts."

Houlihan Lokey, Inc. served as an exclusive financial advisor and Kirkland & Ellis LLP served as exclusive legal advisor to the Company.

PJT Partners, Inc. served as exclusive financial advisor and Akin Gump Strauss Hauer & Feld LLP served as exclusive legal advisor to the ad hoc group of lenders.

About Wheel Pros
Founded in 1994, Wheel Pros serves the automotive enthusiast industry with a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel-Off-Road, American Racing, KMC, Rotiform and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia and Europe, Wheel Pros serves over 16,500 retailers and has a growing ecommerce presence to provide enthusiast consumers with access to the products they desire. More information is available at www.wheelpros.com.

Media Contacts

For Wheel Pros:
Max Krapff
Backbone Media
970.658.5252 ext. 1174
[email protected]

SOURCE Wheel Pros