Hoonigan Successfully Completes Financial Restructuring Positioning Company for Continued Leadership in the Automotive Aftermarket Industry

Emerges from Chapter 11 with Significantly Stronger Capital Structure Through Elimination of Approximately $1.2B of Debt

New Ownership Group Committed to Supporting Long-Term Growth and Innovation

DENVER–(BUSINESS WIRE)–Wheel Pros, LLC (d/b/a Hoonigan) and certain of its North American-based affiliates (collectively “Hoonigan” or the “Company”), a leading provider of aftermarket vehicle enhancements, today announced that it has successfully completed its financial restructuring and emerged from its Chapter 11 process following confirmation of the Company’s Plan of Reorganization on October 15, 2024. With a strong financial foundation, Hoonigan is poised to continue delivering innovative and industry-leading products well into the future.

“The completion of this process marks a pivotal moment for Hoonigan, and we emerge as a financially stronger company with the resources to invest in innovation and drive sustainable, long-term growth,” said Vance Johnston, CEO of Hoonigan. “We are grateful for the collaboration with and support of our many partners throughout this process, including our Hoonigan team, customers, suppliers, financial sponsors and lenders. As we look to the future, we are excited to continue providing cutting-edge products and best-in-class service as we advance our industry leading position in the growing automotive aftermarket sector.”

Through its financial restructuring, Hoonigan has eliminated approximately $1.2 billion of debt and secured access to a $175 million asset backed loan facility. Hoonigan moves forward as a well-capitalized company with significantly reduced leverage under the majority ownership of a group of its lenders, led by funds managed by affiliates of Strategic Value Partners, LLC (“SVP”) and Nut Tree Capital Management LP (“Nut Tree”).

“We are thrilled to support Hoonigan and partner with its leadership team as the Company enters an exciting new chapter,” said David Geenberg, Head of the North American Corporate Investment Team at SVP. “We’re confident in the Company’s vision and look forward to being part of its bright future at the forefront of the automotive aftermarket industry.”

Advisors

Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP are serving as legal counsel, Houlihan Lokey, Inc. is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to the Company.

Davis Polk & Wardwell LP is serving as legal counsel and Lazard is serving as investment banker to SVP.

Akin Gump Strauss Hauer & Feld LLP is serving as legal counsel and PJT Partners, Inc. is serving as investment banker to Nut Tree and certain other of the Company’s current lenders.

About Hoonigan

Hoonigan serves the automotive enthusiast industry with entertaining content and a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel Off-Road, American Racing, KMC, Morimoto, TeraFlex, Rotiform, and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia, and Europe, Hoonigan serves over 30,000 retailers. It has a growing e-commerce presence to provide enthusiast consumers with access to a variety of aftermarket enhancements including wheels, suspension, lighting, and accessories. More information is available at www.hoonigan.com.

About SVP

SVP is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to unlock value in its portfolio companies. Today SVP manages more than $18 billion in assets under management, and since inception, has invested more than $50 billion of capital, including more than $18 billion in Europe. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT) and London, and a presence in Tokyo. Learn more at www.svpglobal.com.

About Nut Tree

Nut Tree Capital Management was founded in 2015 with a focus on long-term, fundamental investing. The firm currently manages $4.5 billion in assets.

Contacts

Media Contacts
C Street Advisory Group
Hoonigan@thecstreet.com 

SVP 
Liz Bruce
Managing Director, Head of Communications and Brand
media@svpglobal.com