Wheel Pros and MHT Luxury Wheels, Inc., two designers, marketers, and distributors of branded automotive aftermarket wheels and accessories, today announced that they have combined to form the largest automotive aftermarket wheel platform in the world. This transaction brings together the leading brands in the market such as Fuel, KMC, American Racing, Rotiform, and others under one organization.
The combined company will operate under the Wheel Pros name and offer 22 highly complementary brands, approximately 1,400 styles, and 15,000 SKUs. As part of the transaction, MHT shareholders have invested in the combined company and Art Hale, Jr., founder and CEO of MHT, continues to be involved in product design and operations and is a member of the board of directors of the combined company. Jody Groce and Randy White, Co-Founders of Wheel Pros, will continue to serve as co-CEOs of the combined company. Wheel Pros is backed by Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake"), a leading private investment firm. Financial terms of the transaction are not being disclosed.
"Wheel Pros and MHT have both grown into industry leaders with some of the most recognizable brands and designs in the world, backed by great people and customers," said Mr. Hale. "With Wheel Pros and Clearlake, we found the right partners to continue driving the values and success we have at MHT, and through this combination we will achieve stronger product offerings and a new level of scale that will allow us to service our customers even better than before."
"With this transformational merger, we have brought together two very strong businesses to create an unparalleled portfolio of brands in the aftermarket industry," said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, a partner at Clearlake. "We welcome Art and the MHT team to the Clearlake family and we are excited to continue our support of Jody, Randy, and the rest of the team as they expand their product offering, embark on new innovative projects, and accelerate growth."