ARB Corporation Limited announced that its US based associate ORW USA Inc. has entered into a conditional Asset Purchase Agreement to acquire the 4 Wheel Parts business (4WP) from Hoonigan (formerly Wheel Pros LLC) for approximately US$30 million.
4WP currently operates 42 retail stores and associated e-comm sites, selling 4×4 accessories across the United States.
The agreement is subject to court approval in conjunction with Hoonigan’s court-supervised reorganisation in the United States.
Should the acquisition proceed, ORW will settle the purchase of the 4WP assets using additional funding provided by its shareholders. These funding arrangements would result in ARB increasing its shareholding in ORW from 30% to 50%.
ARB will separately acquire from Hoonigan the Poison Spyder brand for US$1 million, subject to the same court approval.