Lund International Completes Auto Ventshade Acquisition
24 December 1998
Lund International Completes Auto Ventshade Acquisition
ANOKA, Minn.--Dec. 23, 1998--Lund International Holdings, Inc. announced today it has completed its previously announced agreement under which Lund International Holdings will acquire 100% of the capital stock of Ventshade Holdings, the parent company of Auto Ventshade Company, for $66 million.
As part of the transaction, Lund has expanded its existing senior bank credit facility led by Heller Financial, Inc., to provide financing of up to $96.2 million. Affiliates of Massachusetts Mutual Life Insurance Company and National City Venture Corporation provided $20 million in the form of subordinated debt and warrants. In addition, Harvest Partners, a leading New York private equity investment firm, BancBoston Capital, Liberty Mutual Insurance Company and Affiliates of Massachusetts Mutual Life Insurance Company have invested $25 million in additional equity in Lund through a private placement.
"We are pleased to acquire Auto Ventshade, an outstanding company with a leading performance record for all aspects of customer service and a tremendous reputation for producing high quality, high-value products on a timely basis," said Dennis Vollmershausen, president and CEO of Lund International. "At the same time, expanding our existing credit facility and the additional equity investments will enable us to continue aggressively seeking additional acquisitions in this growing and highly fragmented industry."
Auto Ventshade Company, headquartered in Lawrenceville, GA, is a leading manufacturer and supplier of window shades, hood shields, light covers, and other accessories for lights trucks, SUVs and passenger cars.
Based in Anoka, MN, Lund International Holdings is a leading designer, manufacturer and marketer of a broad line of appearance accessories for new and used light trucks. It is also a leading manufacturer of aftermarket and original equipment accessories for the heavy truck market.