Hoonigan Signs Asset Purchase Agreement to Divest 4 Wheel Parts’ Retail Stores and Associated E-Commerce Assets to ARB Corporation’s U.S. Affiliate, ORW USA
09 September 2024 - 9:59AM
Business Wire
Executes Additional Agreement to Divest the
Poison Spyder Brand to ARB
Transactions Remain Subject to Court Approval
in Conjunction with Hoonigan’s Court-Supervised Financial
Restructuring Process
Full Continuity of 4 Wheel Parts Operations
Expected Prior to and Following Court Approval
Wheel Pros, LLC (d/b/a Hoonigan) or (the, “Company”), a leading
provider of high-performance aftermarket vehicle enhancements today
announced that it has signed an Asset Purchase Agreement (“APA”) to
divest its 4 Wheel Parts retail stores, associated e-commerce
sites, and certain other related assets (“4WP”) to ORW USA, Inc.
(“ORW”), the U.S. affiliate of ARB Corporation Limited (“ARB”). In
addition, Hoonigan has signed a separate Asset Purchase Agreement
to divest its Poison Spyder Brand to ARB.
The Company expects full continuity of 4WP’s retail store and
associated e-commerce operations for customers and partners while
the parties work to close the transactions, which are subject to
court approval in conjunction with Hoonigan’s previously announced
chapter 11 process for certain of its North America-based
affiliates.
"We are laser-focused on Hoonigan’s core strengths and are
extremely pleased with this outcome as it represents a key step
forward in our path to transition our business to a product-based
operating model. We look forward to working closely with the ARB
and ORW teams to ensure a smooth transition of 4WP’s retail stores
and associated e-commerce websites as well as Poison Spyder once
the transactions are approved,” said Vance Johnston, CEO of
Hoonigan. “We deeply appreciate the dedication of the 4WP team, who
consistently go above and beyond for our customers, and are excited
for the future of this leading brand under new ownership."
Following court approval, the proceeds from the asset sales will
be utilized by Hoonigan in connection with its chapter 11 process,
as the Company continues its transition to strategically focus on
its core businesses and position itself for growth.
Advisors
Kirkland & Ellis LLP is serving as legal counsel, Stifel is
serving as financial advisor, and C Street Advisory Group is
serving as strategic communications advisor to the Company.
About Hoonigan
Hoonigan serves the automotive enthusiast industry with
entertaining content and a wide selection of vehicle enhancements
from its portfolio of lifestyle brands, including Fuel Off-Road,
American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black
Rhino. Utilizing its expanding global network of distribution
centers spanning North America, Australia, and Europe, Hoonigan
serves over 30,000 retailers. It has a growing e-commerce presence
to provide enthusiast consumers with access to a variety of
aftermarket enhancements including wheels, suspension, lighting,
and accessories. More information is available at
www.hoonigan.com.
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Media C Street Advisory Group Hoonigan@thecstreet.com