CLEVELAND—Crowne Group L.L.C. will acquire Trico Products Corp., a manufacturer, marketer and distributor of windshield wiper blades, systems and components.
Financial details were not released. The transaction, which will be consummated with funds managed by private equity firm Kohlberg & Co. L.L.C., is subject to customary regulatory approvals. The deal is expected to close within a few months.
Crowne officials said Trico will retain its current management team, including CEO and President Lou Braga, as well as its headquarters in Rochester Hills, Mich. Crowne, which manufactures and distributes both aftermarket and original equipment components for the automotive and other industrial equipment markets, is headquartered in Cleveland.
“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, chief financial officer 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.”
“We believe that the company has a bright future,” said Evan Wildstein, partner at Kohlberg & Co., which specializes in middle market investing. “We are confident that the company will continue on its trajectory of success under Crowne Group's ownership.”
Trico serves both the aftermarket and original equipment sector. It employs about 2,450 in the U.S., Mexico, Asia, Europe, Australia and South America.
Since 2000, Crowne has completed and integrated nine acquisitions. It produces products such as carbon and stainless steel tube components and fabricated products for exhaust systems, gas springs, fuel system components and injection molded plastic parts. Crowne employs 1,400 and has eight manufacturing facilities in North America.