U.S. private equity firm TPG has acquired truck and trailer parts distributor FleetPride from Bahrain's alternative asset manager Investcorp for over $1 billion, Investcorp said in a statement on Tuesday.Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, said the sale will add $500 million of distribution proceeds to the company and its investors.The Manama-based firm bought 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, Investcorp said.FleetPride's EBITDA (earnings before interest, tax, depreciation and amortisation) increased from $52 million at the time of acquisition to over $100 forecasted for 2012, the private equity firm said.
Tiffany & Co. is a holding company that operates through its subsidiary companies. Shares of TIF traded higher by 2.05% or $1.27/share to $63.34. In the past year, the shares have traded as low as $49.72 and as high as $74.20. On average, 1839420 shares of TIF exchange hands on a given day and today's volume is recorded at 2786424.
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