TPG acquires FleetPride from Investcorp

Investcorp SA struck a deal to sell vehicle parts retailer FleetPride Inc. to private equity house TPG Capital, the target said Tuesday, Oct. 9. Terms of the deal weren't disclosed but a person familiar with the situation said Investcorp will make a roughly 200% gain on the investment. Bloomberg had reported last week that the seller was seeking as much as $1 billion for the business. Investcorp purchased FleetPride in June 2006 for $506 million, investing about $204 million of equity, according to Moody's Investors Service. The price was about 10 times Ebitda.  

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