Penske seeks $1 bln sale of Truck-Lite -sources

By Greg Roumeliotis

May 15 (Reuters) - Transportation services company Penske Corp is exploring a sale of Truck-Lite Co LLC, in a deal that could value the maker of lighting, wiring harnesses and mirrors for trucks at close to $1 billion, according to people familiar with the matter.

Penske, a company controlled by billionaire former race car driver Roger Penske, owner of the eponymous racing team, has hired investment bank Robert W. Baird & Co to run an auction for Truck-Lite, the people said this week.

Truck-Lite has annual earnings before interest, tax, depreciation and amortization of around $100 million, the people added.

The sources asked not to be identified because the sale process is confidential. Representatives for Penske, Truck-Lite and Robert W. Baird did not respond to requests for comment.

Based in Falconer, New York, Truck-Lite manufactures lighting and safety accessories for the heavy-duty truck, trailer and commercial vehicle industries.

Founded in 1955, Truck-Lite was acquired in 1997 by Penske with backing from General Electric Co. Private equity firm Kelso & Co acquired a stake in Truck-Lite in 2010.

Penske is a holding company for subsidiaries operating in the retail automotive, truck leasing, transportation logistics and professional motorsports markets. Its businesses have annual revenues in excess of $19 billion.

Penske's biggest holding is its 35 percent stake in Penske Automotive Group Inc, the second largest U.S. car retailer, which generated $17.2 billion in revenue in 2014.

(Reporting by Greg Roumeliotis in New York; Editing by Andrew Hay)

Source : https://finance.yahoo.com/news/penske-seeks-1-bln-sale-190146783.html

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