Foundation Investment Partners (FIP), a Cleveland-based private equity firm, announced that, in partnership with the founders and management, it has recapitalized W.A. Jones, a leading distributor and upfitter of truck equipment. The investment makes W.A. Jones the fifth platform investment by FIP in its 10-year history. Terms of the transaction were not disclosed.
W.A. Jones, located in Whitley Co. Indiana, was founded in 1880. Today, W.A. Jones has grown to over 45 employees and is the largest independent truck equipment dealer in the state of Indiana. The Company distributes heavy truck equipment and accessories from over 40 major brands, including Boss, Western, Knapheide, Adrian Steel, and Monroe. It also provides the installation and integration of their equipment onto a customer-selected chassis ensuring high quality, functionality, and safety.
FIP’s team has extensive experience in the truck upfitting industry through multiple equity and debt investments made during the past twenty years. “W.A. Jones has a unique value proposition in its markets with deep customer relationships. With the recapitalization, we saw the opportunity to partner with really good people to build upon this market position. Our focus, in partnership with the management team, will be on adding systems and people to support growth and enhance the customer experience,” stated David Wood, Managing Partner of Foundation Investment Partners.
“We saw it as a great opportunity to partner with FIP. Their industry knowledge allows us to execute a strategic growth plan and continue to enhance our business while maintaining the high level of customer service we are known for,” said Greg McNeal, the Chief Executive Officer of W.A. Jones.
The Principals of True North, acting in their capacity as registered agents of Burch & Company, Inc. (“Burch”), were the lead strategic and financial advisors to W.A. Jones on its sale to Foundation Investment Partners. In order to assist True North with securities related transactions, its principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SiPC. Burch and True North are not affiliated entities.