BBB Industries announced Thursday 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.
“I have long admired Clearlake’s strong record of success and look forward to partnering with the team as we continue the company’s evolution,” says BBB Industries CEO Duncan Gillis. “I thank Genstar for their great partnership over these past years and for continuing to demonstrate confidence in BBB with their ongoing investment in the company.”
“We have increasingly deepened our knowledge of, and relationship with, BBB over the past several years and have been impressed with the company’s development. We see a significant opportunity to partner with BBB’s management team to build upon their core business as well as several compelling growth areas across the automotive and broader industrial and renewable energy ecosystems,” adds José E. Feliciano, co-founder and managing partner of Clearlake.
“We are very proud of BBB’s success, and I thank their management team for their leadership and strategic vision over the past four years. We are excited about the opportunity to remain invested in the company, and we look forward to partnering with Clearlake,” adds Rob Rutledge, managing director, Genstar.
BBB states 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.
