Trico Products Corporation has signed a definitive agreement under which Crowne Group LLC will acquire the Trico 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, CFO 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.”
Evan Wildstein, partner at Kohlberg & Company commented: “We are pleased with the outcome of our investment in Trico and believe that the company has a bright future. 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.