(MENAFN) Bahrain's Investcorp has agreed to sell trailer parts distributor FleetPride to US-based private equity TPG for USD1 billion, Reuters reported.
The Gulf alternative asset manager said the sale will add USD500 million of distribution proceeds to the company and its investors.
Investcorp acquired FleetPride, now the largest truck and trailer parts distributor in North America, in 2006 and supported 31 different add-on acquisitions by the company to expand its footprint, the company said.
Earlier this month, Investcorp took over Danish luxury retailer Georg Jensen for USD140 million and raised USD250 million from a five-year international bond issue.
Investcorp, which previously bought public luxury brands Gucci and Tiffany & Co, is one of the largest private equity and hedge fund companies in the Middle East, with USD11.5 billion in assets under management as of June 30.
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