Source: BBB Industries announcement

DAPHNE, Ala. — BBB Industries, LLC (BBB), a sustainable manufacturer and leader in the automotive aftermarket, announced it has entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (together with its affiliates “Clearlake”) with continued investment by Genstar Capital (Genstar) and BBB’s management team. Upon closing the transaction, Clearlake will become majority shareholders of BBB; financial terms of the transaction were not disclosed.

For 35 years, BBB has been a pioneer in the sustainable manufacturing of automotive parts including manufacturing of starters, alternators, hydraulic and air disc brake calipers. Founded in 1987, the company quickly became known for high-quality, sustainably manufactured parts throughout the automotive industry.

Today, the company 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.

“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,” said Duncan Gillis, CEO 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.”

“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,” said José E. Feliciano, Co-Founder and Managing Partner of Clearlake.

The transaction is expected to close later this year pending customary closing conditions. Goldman Sachs & Co. LLC served as financial advisor to BBB and Latham & Watkins, LLP served as legal counsel to BBB.  J.P. Morgan served as financial advisor and provided committed debt financing to Clearlake in support of the transaction.  Kirkland & Ellis LLP served as legal counsel to Clearlake.