BBB Industries is being acquired by Clearlake Capital Group, LP with continued investment by Genstar Capital and BBB’s management team.
BBB is a manufacturer and distributor to the North American vehicle aftermarket of aftermarket replacement auto parts—such as remanufactured starters, alternators, brake calipers, and power steering products—for virtually all domestic and imported cars and light and heavy-duty trucks in North America.
For 35 years, BBB has been a pioneer in the sustainable manufacturing of automotive parts. Founded in 1987, the company quickly became known for high-quality, sustainably manufactured parts throughout the automotive industry. Today, BBB does business in 64 countries through five divisions with multiple sustainable manufacturing facilities and distribution centers located throughout North America and Europe.
The company’s newest division, TerrePower, brings its sustainable manufacturing process to the electric vehicle and renewable energy sectors. Through TerrePower, electric vehicle batteries that fail and degrade over time, can now be given a second and sometimes third life in a battery electric vehicle or in stationary storage.
When the transaction closes, Clearlake will become the majority shareholder of BBB. Financial terms of the transaction were not disclosed, and it is expected to close later this year.
“I have long admired Clearlake’s strong record of success and look forward to partnering with the team as we continue the company’s evolution,” stated Duncan Gillis, Chief Executive Officer of BBB. “I thank Genstar for their great partnership over these past years and for continuing to demonstrate confidence in BBB with their ongoing investment in the company.”
José E. Feliciano, co-founder and Managing Partner of Clearlake added: “We have increasingly deepened our knowledge of, and relationship with, BBB over the past several years and have been impressed with the company’s development. We see a significant opportunity to partner with BBB’s management team to build upon their core business as well as several compelling growth areas across the automotive and broader industrial and renewable energy ecosystems.”
Rob Rutledge, Managing Director at Genstar said, “We are very proud of BBB’s success, and I thank their management team for their leadership and strategic vision over the past four years. We are excited about the opportunity to remain invested in the company, and we look forward to partnering with Clearlake.”