Acquisition Expands Wheel Pros’ Offerings with New Styles and Brand
SANTA MONICA, CA, GREENWOOD VILLAGE, CO, and RIVERSIDE, CA – November 9, 2020 – Wheel Pros, the leading designer, manufacturer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories, today announced that it has acquired the assets of Performance Replicas, Inc. (“Performance Replicas” or the “Company”), a leading distributor of replica wheels. Financial terms were not disclosed.
Founded in 2010 by Dave Berry, Performance Replicas is a recognized leader in the factory reproduction wheel space with long-standing relationships across established national retailers and internet retailers. Performance Replicas wheels are well-known among enthusiasts in the automotive aftermarket for their superior quality, reliability and availability. Wheel Pros currently carries Performance Replicas wheels as part of its catalogue and expects to see extraordinary growth behind Wheel Pros’ distribution and marketing engine.
“Adding Performance Replicas to the Wheel Pros family helps us better serve our enthusiast customers who drive a wide range of vehicles and desire a variety of styles. By offering factory reproduction wheels in addition to our 22 proprietary wheel brands, we not only cater to all driver types, but we also simplify the shopping experience, serving as the one-stop shop for enthusiasts’ different wheel needs,” said Randy White, CEO and Co-founder of Wheel Pros. “As customers continue to personalize their vehicles, Wheel Pros will provide a full suite of designs to ensure their vehicles are as unique as they are.”
“We have known Dave for decades and are excited to officially add his products to our portfolio. Our customers have been clamoring for more Performance Replicas’ products, and by investing in the segment, we can now meet their demand and provide the same level of availability our customers have enjoyed across our existing brands. Performance Replicas fits in extremely well with our other aftermarket wheel brands and we are confident that with our global footprint of 40 distribution centers we can significantly grow the business,” added Jody Groce, President and Co-founder of Wheel Pros.
“Wheel Pros has demonstrated incredible resilience this year, managing through the global pandemic and reaching new sales records while remaining vigilant for strategic and accretive acquisitions. The management team has been ahead of the curve in understanding what products their customers want, then executing on a plan to provide those products,” said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, a Partner at Clearlake. “Furthermore, we are confident that Wheel Pros will continue its strong performance as people spend increasing amounts of time outdoors and continue to upgrade and personalize their vehicles.”
Wheel Pros is a leading designer, marketer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories. Founded in 1995, Wheel Pros serves over 10,000 retailers with a growing global network of distribution centers spanning North America and Australia. Wheel Pros has a portfolio of proprietary brands with over 300 custom wheel styles, including some of the most recognized designs in the industry. More information is available at www.wheelpros.com.
Clearlake Capital Group, L.P. is a leading investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are industrials, technology and consumer. Clearlake currently has approximately $25 billion of assets under management and its senior investment principals have led or co-led over 200 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.
Lambert & Co.