Trico Products Corp. has signed an agreement under which Crowne Group LLC will acquire the company from funds managed by Kohlberg & Company LLC. Trico is a global manufacturer, marketer and distributor of windshield wiper blades, systems and components.
The company plans to maintain its headquarters in Rochester Hills, Mich., and the current management team, led by Lou Braga, president and CEO, will remain.
Terms of the transaction were not disclosed.
The company has leading market positions in both the aftermarket and OEM segments, according to officials. 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,” says 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 are pleased with the outcome of our investment in Trico and believe that the company has a bright future,” says Evan Wildstein, partner at Kohlberg & Company. “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, according to officials.
Sawaya Segalas & Co. LLC acted as financial advisor to Trico and Ropes & Gray LLP acted as its legal counsel. 3S Advisors LLC acted as financial advisor to Crowne and Jones Day served as its legal counsel.