Foundation Investment Partners (FIP), a Cleveland-based private equity firm, announced it has recapitalized W.A. Jones, a distributor and upfitter of truck equipment. Terms of the transaction were not disclosed.
W.A. Jones, located in Whitley County, Ind., has more than 45 employees and is one of the largest independent truck equipment dealers in Indiana, according to an announcement. The company distributes heavy truck equipment and accessories from over 40 major brands, including Boss, Western, Knapheide, Adrian Steel and Monroe. It also provides the installation and integration of their equipment onto customer-selected chassis, ensuring quality, functionality and safety, the companies say.
FIP has experience in the truck upfitting industry through multiple equity and debt investments made during the past 20 years.
“W.A. Jones has a unique value proposition in its markets with deep customer relationships. With the recapitalization, we saw the opportunity to partner with really good people to build upon this market position. Our focus, in partnership with the management team, will be on adding systems and people to support growth and enhance the customer experience,” says David Wood, FIP managing partner.
“We saw it as a great opportunity to partner with FIP. Their industry knowledge allows us to execute a strategic growth plan and continue to enhance our business while maintaining the high level of customer service we are known for,” says Greg McNeal, W.A. Jones CEO.
