Capstone Partners advised Mickey Truck Bodies—a national leader in the design and manufacturing of customized truck bodies—on its acquisition by private equity firm Industrial Opportunity Partners. Terms of the deal were not disclosed.
Founded in 1904 and headquartered in High Point, North Carolina, Mickey Truck Bodies is a fourth-generation family-owned manufacturer of high quality, customized truck bodies. The company has been a trailblazer for new technologies and capabilities – designing and building the first all-aluminum van body, setting new standards for lightweighting, temperature control, and durability. Mickey sells its custom truck bodies across numerous end-markets including beverage distribution, emergency vehicles, dry freight, and others, serving blue-chip customers in the U.S. and several international markets. The company has grown to approximately 500 employees and received many awards throughout its history, including the “Best Performing Truck Body Supplier” and “Spirit of North Carolina Award” for its high-quality production capabilities and commitment to improving its community.
In addition to its manufacturing facilities, Mickey Truck Bodies operates four fleet service centers, strategically located near its customers to continue servicing its van bodies throughout the lifecycle of the vehicle. Its centers can provide major restorations as well as cosmetic repairs for all makes and models, including competitor van bodies. These service centers combined with the design and manufacturing facilities create a unique one-stop-shop platform for customers seeking a reliable solution from production to maintenance and service for their fleets.
Following the acquisition, Matt Sink—fourth generation family leadership at MTB—will continue to serve as President & CEO. “We want to continue to pursue all the growth opportunities out there in the marketplace,” he says. “We are thrilled for this opportunity to work with Industrial Opportunity Partners given their partnership-focused culture, industry expertise, and experience helping businesses like ours continue to grow.”
The Capstone team distinguished itself over other investment banks due to their dedicated industry focus and experience with key buyers in our sector. Their strategic insights were invaluable in helping us find the right partner and throughout negotiations. They delivered a tremendous outcome for our business and employees, and we look forward to our future together with Industrial Opportunity Partners.
Yogesh Punjabi, Managing Director and lead advisor on the Capstone deal team, commented, “It was a privilege to serve and represent Mickey Truck Bodies on their successful transaction with Industrial Opportunity Partners. Both the Mickey and Sink families built a tremendous brand over its 120+ year history, with numerous first-to-market developments, sophisticated manufacturing and design capabilities, and a world-class workforce. IOP was the right partner, sharing the same set of values and strategic vision. We’re excited to witness their next phase of growth together.”
Industrial Opportunity Partners is an Illinois-based private equity firm focused on middle-market manufacturing and distribution companies. Since its founding in 2005, IOP has raised $1.5 billion in committed capital and has invested in 25+ middle-market industrial platform companies. IOP focuses on acquiring manufacturing and value-added distribution companies, with a focus on enhancing the operations of the businesses it acquires and has an impressive track record in the truck body market, most recently demonstrated via its exit of Monroe Truck Equipment.
The investment banking professionals on Capstone Partners’ Consumer Investment Banking Team work with leading middle market companies operating in the Automotive market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Consumer Investment Banking Team, contact us here.
