REFILE-UPDATE 1-TPG buys FleetPride from Investcorp for over $1 bln

Tue Nov 27, 2012 2:00am EST

Related News

* Sale to add $500 mln of distributable proceeds -Investcorp

* Investcorp bought FleetPride in June 2006

* Co raised $250 mln from a bond issue in November

DUBAI, Nov 27 (Reuters) - U.S. private equity firm TPG has acquired truck and trailer parts distributor FleetPride from Bahrain's alternative asset manager Investcorp for over $1 billion, Investcorp said in a statement on Tuesday.

Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, said the sale will add $500 million of distribution proceeds to the company and its investors.

The Manama-based firm bought FleetPride, now the largest truck and trailer parts distributor in North America, in 2006 and supported 31 different add-on acquisitions by the company to expand its footprint, Investcorp said.

FleetPride's EBITDA (earnings before interest, tax, depreciation and amortisation) increased from $52 million at the time of acquisition to over $100 million forecasted for 2012, the private equity firm said.

TPG, has a history of turning around retailers like U.S. fashion house J. Crew and Taiwan family-run women's shoe retailer Daphne.

It withdrew from a A$694 million takeover of Australian surfwear retailer Billabong International Ltd in October.

Investcorp is one of the largest private equity and hedge fund company in the region and had $11.5 billion in assets under management as at June 30.

It bought Danish luxury retailer Georg Jensen for $140 million earlier in November and raised $250 million from a five-year international bond issue.