Frank Hayes, managing partner at Wynnchurch, which manages $4.2 billion of committed capital, called the acquisition "a tremendous new platform investment opportunity."
"We are thrilled to partner with such a strong and experienced group of executives who have built a market leading performer," he said. "(TWG) fits exceptionally well with our philosophy of investing in businesses that offer a strong value proposition to their customers, possess a differentiated business model and have significant growth potential."
TWG CEO David Williams said the company is looking forward to accelerating its business plan and growth.
"The Wheel Group has grown into a leading automotive aftermarket business based on our best-in-class customer service, product offering and technical expertise," Mr. Williams said.
TWG said it has more than 8,000 customers, including independent installers, national and regional retailers, e‑commerce retailers, and wholesale distributors. It has made more than 110 platform and add-on acquisitions since it was founded inn 1999.
Among its wheel brands are Cali, American Truxx, Mayhem, Ion, Ridler, Kraze, Limited and Body Armor. It also distributes Amp-brand tires.
Neel Mayenkar, managing director at Wynnchurch said TWG "has built a strong reputation based on a portfolio of proprietary brands, high-quality products and best-in-class sourcing capabilities. We are excited to partner with management and help facilitate the company's next stage of growth."
Wynnchurch said it is actively seeking investment opportunities for its $2.28 billion Fund V, building upon its September 2020 acquisition of Labrie Environmental Group, a manufacturer of refuse collection vehicles in North America.
Other recent Wynnchurch investments include Insulation Corp. of America, a manufacturer of EPS foam products; Huntington Foam, a provider of custom EPS, EPP and ARCEL product; Drew Foam, a manufacturer of custom EPS block and shape molding products; and Pennsylvania Machine Works, a manufacturer of high pressure forged fittings and branch connections.