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.
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.
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.
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