Parent company Hoonigan is selling off assets amid a $1.2 billion bankruptcy filing. The company started by Ken Block is now owned by private equity partners and owns the Wheel Pros brands along with several other brands that include Poison Spyder and 4-Wheel Parts. Now, ORW (Off-Road Warehouse) is purchasing all of the 4-Wheel Parts assets which would put CEO Greg Adler right back in control of the company he managed when he was CEO of TransAmerican Auto Parts. Adler currently sits as the President of ORW.
Hoonigan is also shedding its Poison Spyder Brand which will be purchased by ARB. We are laser-focused on Hoonigan’s core strengths and are extremely pleased with this outcome as it represents a key step forward in our path to transition our business to a product-based operating model. We look forward to working closely with the ARB and ORW teams to ensure a smooth transition of 4WP’s retail stores and associated e-commerce websites as well as Poison Spyder once the transactions are approved,” said Vance Johnston, CEO of Hoonigan. “We deeply appreciate the dedication of the 4WP team, who consistently go above and beyond for our customers, and are excited for the future of this leading brand under new ownership.”
Hoonigan filed for Chapter 11 bankruptcy protection. Hoonigan was orginally started by the now deceased Ken Block as a lifestyle brand. It was bought by private equity firm Clearlake Capital which already owned Wheel Pros. All of the Wheel Pros businesses were rebranded to Hoonigan when the merger occurred. Now the company must discharge its massive debt and raise $570 million in new capital.
