How CCMP’s Truck Hero Build-and-Exit Exemplifies Private Equity Strategy in Aftermarket Automotive

The 2017 deal giving CCMP Capital a controlling equity stake in Truck Hero represented both a capitalization of its leadership position in the pickup and Jeep accessory space and a bet on continuing aftermarket tailwinds. At the time, Truck Hero already had established brands including Extang, TruXedo, Husky Liners, A.R.E., and others; it also had dual channels—direct to consumer via its online arms (RealTruck and AutoCustoms) and to professional/dealer/OEM channels.

Post-transaction, CCMP’s value creation strategy included innovation (product development), expansion of e-commerce platforms in recognition of shifting consumer behavior, operational improvements, and acquisitions to broaden the product portfolio and capture scale. A key illustrative example was the acquisition of Lund International from Highlander in 2019, which added complementary product lines and brands like AVS, Belmor, Rampage, and Floor Mats.

The market outlook strongly supports this strategy. The U.S. pickup truck accessories market was valued at roughly USD 2.4 billion in 2024, growing at ~3.2% annually through 2034; bed accessories alone represent nearly 29% of that share and are expanding slightly faster (~3.5% CAGR). Globally, the broader truck accessories market is even larger and expected to grow from an estimated USD 6–7 billion in 2024 to over USD 9–10 billion by 2033–35. This growth is driven by factors such as vehicle personalization, outdoor/off-road lifestyle trends, light-duty truck sales, increasing e-commerce adoption, and tech-enabled accessories.

However, there are open questions around deal structure, valuation multiples, margin implications of integrating acquisitions, supply chain risk (materials and tariffs), and how electric/light electric trucks might change the product mix. Also, given that Truck Hero’s exact revenues and profitability at the time of CCMP’s 2017 acquisition were undisclosed, it is hard to precisely measure CCMP’s return without those metrics. Public estimates as of late 2025 give revenues between ~USD 889 million and USD 1.1 billion, though those are model-based and may vary.

Strategically, companies and investors looking at similar investments should assess: • the ability to build scale through acquisition in fragmented aftermarket segments; • margin leverage through direct-to-consumer channels and operational improvements; • brand strength and patent/IP portfolio; • external pressures such as raw‐material costs, import tariffs, and evolving regulatory environment; • shifts toward EV platforms and their accessory ecosystems which may require product redesign or repositioning.

For CCMP, the path seems to have led toward realization of value: in late 2020, CCMP sold a portion of its stake via a controlling interest acquisition by a consortium led by L Catterton, with TA, Bill Reminder, and others maintaining meaningful ownership. This suggests that CCMP achieved enough scaling and growth to attract larger PE firms at favorable valuations, in line with private equity exit strategies.