Wheel Pros to buy Transamerican Auto, including 4WP stores

GREENWOOD VILLAGE, Colo. — Aftermarket wheel producer and distributor Wheel Pros L.L.C. is bidding to buy Transamerican Auto Parts (TAP), including the Pro Comp tire brand and TAP's network of 100-plus 4 Wheel Parts retail stores.

The transaction, from Polaris Inc., is expected to close in the third quarter. Financial terms were not disclosed. The deal would be Wheel Pros' second acquisition in 2022.

Compton-Calif.-based TAP manufactures, distributes, sells and installs off-road Jeep and light truck parts and accessories under the brand names Smittybuilt, Pro Comp, Rubicon Express, Poison Spyder, GT and 4WP. According to Wheel Pros, TAP generated nearly $760 million in revenue last year.

Off-road vehicle maker Polaris Industries bought TAP in 2016 in a $665 million deal it hoped would generate synergies with its existing businesses.

Randy White, co-founder and CEO, and Brian Henderson, chief strategy officer, at Wheel Pros, said TAP's product portfolio, proprietary brands, manufacturing capabilities "and omnichannel platform have resulted in an automotive and off-roading enthusiast following that we have long admired.

"We look forward to working with the TAP team as we undertake new initiatives to accelerate the growth of the combined business and continue to drive value for our customers, suppliers, and partners."

Off-road and 4x4 products retailer 4 Wheel Parts operates 102 retail stores in the U.S. and seven in Canada.

Greenwood-based Wheel Pros, backed by equity firm Clearlake Capital Group L.P., is a designer, manufacturer and distributor of proprietary branded aftermarket vehicle parts for light trucks, SUVs, passenger cars and ATVs/UTVs.

According Wheel Pros, TAP sells and installs its products via wholesale and e-commerce.

"TAP is a scaled player in the aftermarket automotive industry, and the combination with Wheel Pros creates a vertically integrated omnichannel platform that better serves automotive and off-roading enthusiasts," José E. Feliciano, co-rounder and managing partner, and Colin Leonard, partner, at Clearlake, said.

"Our decision to divest TAP better positions us to capitalize on growing consumer interest and demand for our powersports offerings, while enabling Polaris to focus our time, people and resources on our core on-road, off-road and marine businesses, along with the parts, garments and accessories brands that support those customers," Polaris CEO Mike Speetzen said.

The transaction is subject to customary closing conditions, the parties said. Baird acted as financial adviser to Polaris for the transaction. Kirkland & Ellis LLP served as legal counsel to Wheel Pros and Clearlake.

In early April, Wheel Pros acquired TeraFlex Inc., a West Jordan, Utah-based designer, manufacturer and distributor of off-roading aftermarket suspensions, shocks, and other components.