Truck hero companies1/11/2024 Patricof wouldn’t comment specifically on the value of the Truck Hero deal, but he said Patricof Co won’t write a check smaller than $10 million for any private equity deal it enters. Lead investors benefit by bringing on Patricof’s team of high-profile celebrities, and athlete investors in turn get access to developed private markets that would otherwise be unavailable. Patricof Co launched in 2018 with a simple thesis: gather a client list of wealthy athletes and pool their resources to take stakes in ongoing private equity deals. Mark Patricof’s firm has now closed 14 private equity deals since it launched in 2018. It’s a $17 billion market just for functional aftermarket accessories, so it’s a big market and they’re the leader.” Patricof, the founder and CEO, also noted that the vast majority of his investment firm’s clients are truck owners. “Add that all together, and it’s a really compelling deal. “You’ve got great financial metrics, you’ve got a great lead investor, you’ve got owned IP and you’ve got a consumer play that hasn’t been fully exploited yet,” said Mark Patricof of what made Michigan-based Truck Hero an appealing opportunity. Patricof Co’s investment was part of a consortium led by private equity firm L Catterton, and more than 30 of Patricof’s athlete clients were investors in the deal, including Cincinnati Bengals quarterback Joe Burrow, Brooklyn Nets forward Blake Griffin, Dallas Cowboys quarterback Dak Prescott, Green Bay Packers quarterback Aaron Rodgers and New York Knicks guard Kemba Walker. Patricof Co, an investment firm used by athletes to access private equity deals, has closed an investment in Truck Hero, the nation’s top seller of aftermarket parts and accessories for trucks and Jeeps.
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