
Wheel Pros, LLC (doing business as Hoonigan) and several of its North American affiliates (collectively “Hoonigan” or the “Company”), a prominent provider of aftermarket vehicle enhancements, announced that the U.S. Bankruptcy Court for the District of Delaware has approved its Plan of Reorganization. With this approval, Hoonigan is set to exit its financial restructuring soon, equipped with a stronger financial foundation for future growth and leadership in the industry.
“This is a crucial step toward completing our financial reorganization,” said Vance Johnston, CEO of Hoonigan. “With the confirmation of our Plan, we are on track to become a more financially robust company, well-positioned to invest in innovation and foster long-term sustainable growth. We deeply appreciate the ongoing support from our financial partners, employees, vendors, and customers throughout this process, and we look forward to continuing our journey under new ownership, backed by the resources and flexibility to lead our industry.”
Under the Plan, Hoonigan will eliminate approximately $1.2 billion in debt and aims to secure access to a $175 million asset-backed loan facility. Upon its emergence, the Company will be majority-owned by Strategic Value Partners, LLC (SVP) and Nut Tree Capital Management LP, both of whom see significant potential in the automotive aftermarket sector and are committed to Hoonigan’s continued success.
The transactions outlined in the Plan are still subject to customary closing conditions. In the meantime, Hoonigan will continue its business operations as usual, ensuring stability for its customers, vendors, and partners.
Additionally, the Court approved the sale of Hoonigan’s 4 Wheel Parts retail stores, e-commerce platforms, and related assets to ORW USA, Inc., a U.S. affiliate of ARB Corporation Limited. Hoonigan will continue to manage 4 Wheel Parts until the sale is finalized, which is expected in the coming days.
For more information about the Chapter 11 process, visit https://cases.stretto.com/WheelPros. Stakeholders can contact the claims agent, Stretto, by calling (855) 371-7511 (U.S.) or +1 (714) 716-1978 (International) or emailing [email protected].
Advisors
Hoonigan is being represented by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as legal counsel, Houlihan Lokey, Inc. as investment banker, Alvarez & Marsal as financial advisor, and C Street Advisory Group as strategic communications advisor.
SVP is being represented by Davis Polk & Wardwell LLP as legal counsel and Lazard as investment banker.
Nut Tree is being represented by Akin Gump Strauss Hauer & Feld LLP as legal counsel and PJT Partners, Inc. as investment banker.
About Hoonigan
Hoonigan is a leading player in the automotive enthusiast market, offering a range of vehicle enhancements through its lifestyle brands, including Fuel Off-Road, American Racing, KMC, and more. With distribution centers across North America, Australia, and Europe, Hoonigan serves over 30,000 retailers and has a growing e-commerce presence that provides customers access to aftermarket wheels, suspension systems, lighting, and other accessories. Visit www.hoonigan.com for more information.
About SVP
Strategic Value Partners, LLC (SVP) is a global alternative investment firm specializing in special situations, private equity, and opportunistic credit. SVP manages approximately $19 billion in assets and has invested more than $48 billion in capital since its inception. Headquartered in Greenwich, Connecticut, and London, SVP has a presence in Tokyo as well. Learn more at www.svpglobal.com.
Forward-Looking Statements
This press release contains forward-looking statements, which may involve risks and uncertainties. These statements are based on current expectations and assumptions about future events and may differ materially from actual results. The Company does not undertake any obligation to update these statements unless required by law. Please refer to the Plan of Reorganization and related documents filed with the Court for more detailed information on the associated risks.
This press release is not an offer to buy, sell, or subscribe to any securities or financial instruments.