Investcorp Said to Seek Buyer for FleetPride Parts Distributor
Investcorp Bank BSC, the Bahrain- based alternative investment firm, is seeking suitors for truck- parts distributor FleetPride Inc., which may be valued at as much as $1 billion, said three people familiar with the matter.
Investcorp acquired FleetPride, based in The Woodlands, Texas, with the company’s management team in 2006 for an undisclosed sum. FleetPride, led by Chief Executive Officer Woody McGee, now has 250 locations across the U.S., selling parts and accessories for heavy-duty trucks, according to its website. FleetPride also operates more than 200 Fleetcare service locations.
Investcorp spokeswoman Deborah Botwood Smith didn’t return an e-mail seeking comment outside regular business hours in London. Melinda Pryor, a spokeswoman for FleetPride, didn’t return a call seeking comment.
Tasha Pelio, a spokeswoman for JPMorgan, and John Yiannacopoulos, a spokesman for Bank of America, declined to comment.
Founded three decades ago, Investcorp has about $12 billion in assets under management, according to its website. The company’s other portfolio companies include Sur La Table, a Seattle-based kitchenware retailer, and IPH Group, a French distributor of industrial supplies.
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