Highlander Partners and Chase Capital Announce the Acquisition of Lund International Holding Company
Atlanta, Georgia – April 29, 2011 – Highlander Partners, L.P., a Dallas-based private investment firm, today announced the acquisition of Lund International Holding Company (“Lund”), based in Buford, Georgia, outside of Atlanta. Highlander is joined in the transaction by Chase Capital Corporation, a Chicago-based division of JPMorgan Chase & Co. Lund, with additional operations in Indiana, is a leading designer, manufacturer, and marketer of branded automotive aftermarket accessories for a full assortment of passenger cars and light trucks, as well as the heavy truck category. Lund offers the industry’s broadest range of functional body and appearance products that provide customers with ways to customize and personalize their vehicles.
Lund will continue to operate under its existing name and operating structure, with the management team, led by Chief Executive Officer George Scherff and President Mitchell Fogle, continuing in its current role. The management team partnered with Linsalata Capital Partners and Resilience Capital Partners to acquire Lund in 2007 and has successfully positioned Lund as the leader in aftermarket automotive accessories. The Company will continue to operate its three existing facilities and employ its workforce of approximately 475 persons in Georgia and Indiana.
Mr. Scherff commented, “We are excited to start our new relationship with Highlander, which will further Lund’s success and enhance its opportunities for growth with its extensive financial and operating experience.” Mr. Fogle added, “This is a huge opportunity for Lund to capitalize on a rebounding market and economy with a long-term strategic financial partner. We have spent the last three years positioning Lund and today have a leading position in all of our major product categories of the $27.9 billion specialty automotive equipment segment.”
Jeff L. Hull, Highlander Operating Partner and Chairman of Lund, stated, “We are very excited about the opportunities of combining our financial resources and operating experience with Lund’s superior management expertise. This management team endured a very difficult time in the automotive industry in 2008 and 2009, and by combining strong brand names, lean manufacturing capabilities, superior customer service, product innovation, and tailored marketing, they have made Lund the clear industry leader in its product categories and truly positioned it for future growth.”
Lazard Middle Market acted as financial advisor to Lund in the transaction. Regions Bank, (as Administrative Agent), Texas Capital Bank, F&M Bank and Community & Southern Bank provided senior financing facilities and Chase Capital Corporation provided second lien financing in this transaction.
About Lund International Holding Company
Lund International Holding Company is a leading designer, manufacturer, and marketer of branded automotive aftermarket accessories for a full assortment of passenger cars and light trucks, as well as the heavy truck category. Lund offers the industry’s broadest range of functional body and appearance products that provide customers with ways to customize and personalize their vehicles. For more information about Lund International, please visit www.lundinternational.com
About Chase Capital Corporation
Chase Capital, a unit of JPMorgan Chase & Co. (NYSE: JPM), focuses on providing subordinated debt and equity to privately-held businesses with annual revenues of less than $1 billion.
About Lazard Middle Market
Lazard Middle Market LLC (www.lazardmm.com), a subsidiary of Lazard Ltd (NYSE:LAZ), provides strategic advice on mergers and acquisitions, restructuring, and public and private capital raising to the middle market. Lazard Middle Market’s professionals focus exclusively on mid-cap companies, bringing to bear all the industry expertise, senior board-level relationships, and local perspectives of Lazard’s bankers in 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America.
If you would like more information about this transaction, please contact:
Jeff L. Hull 214-245-5000