AUBURN HILLS, Mich. – Private equity firm Genstar has made a “significant” investment in Truck-Lite, which the company says will support its future growth and transformation.

Truck-Lite was owned by BDT Capital Partners, Koch Equity Development and Penske. Penske retains its ownership stake, but Genstar takes over that belonging to BDT and Koch.

“We are very excited to partner with Genstar,” said Brian Kupchella, CEO of Truck-Lite. “We believe its investment philosophy aligns extremely well with Truck-Lite’s long-term strategy and will allow us to accelerate our growth plans, continue to invest in new products and markets and improve our value proposition to our customers and partners.”

Rob Rutledge, managing director at Genstar, added, “Truck-Lite has a leading position in attractive market segments, with a history of innovation, product development and industry superior technology. For over 60 years, they have worked to build strong brand recognition and we see opportunity to support the continued expansion of the business through growth in new products, technologies and Truck-Lite’s Road Ready telematics systems and look to further expedite that growth by pursuing strategic acquisitions.”