FALCONER – Through its investment funds, Koch Equity Development LLC and BDT Capital Partners have agreed to acquire Truck-Lite Co.

Truck-Lite is a leading provider of safety lighting, filtration systems for commercial vehicles and LED lighting for the off-road industry. Truck-Lite is currently owned by Penske and funds affiliated with Kelso & Company. Truck-Lite’s corporate headquarters are located at 310 E. Elmwood Ave. in Falconer.

According to Bob Ives, executive vice president of business development for Truck-Lite, the move will pose no immediate impact to operations or employment levels at the Falconer facility. Penske Corporation will retain minority ownership.

“The Penske Corporation has owned us since 1997, and they’ve always had other investors in the business,” Ives said. “The last investor was Kelso & Company, and they invested in 2010. They had come to the end of their expected investment period. One investor is going out and another group of investors is coming in.”

Koch Equity Development LLC is an acquisition and investment subsidiary of Koch Industries Inc. Based in Wichita, Kansas, KED is one of the largest private companies in America. KED owns a diverse group of companies involved in refining, polymers and fibers, fertilizers, biofuels, energy and investments.

“Truck-Lite has built a leading position with a strong management team and a consistent record of results,” said Matt Flamini, president of KED. “Partnering with BDT, Penske and the Truck-Lite management team is an important part of the KED investment strategy.”

BDT Capital Partners provides family-owned and entrepreneurially led companies with differentiated capital. Based in Chicago, the firm manages investment funds of more than $8 billion.

“Truck-Lite has built a leading global presence in transportation lighting technology by developing innovative products, creating an extensive distribution network, and providing superior quality and value to customers,” said John Dills, managing director at BDT. “Our strategic partnership with KED and Penske – combined with our long-term capital – will provide a solid foundation and long runway for Truck-Lite’s management team to pursue attractive growth opportunities in new products and markets.”

Penske Corporation is a transportation service company whose subsidiaries operate in retail automotive, truck leasing, transportation logistics, transportation component manufacturing and professional motorsports. Roger Penske, chairman of Penske Corporation, said he couldn’t imagine a stronger group of investors than KED, BDT and Penske.

“I believe the partnership will significantly strengthen Truck-Lite’s growth potential,” Penske said. “Since our acquisition of Truck-Lite, it has consistently demonstrated an ability to develop innovative products for the transportation market. I look forward to participating in the company’s continued success in the years to come.”

Brian Kupchella, president and chief executive officer for Truck-Lite, said the company believes the long investment horizon and strategic approach will enhance the execution of their growth strategy.

Completion of the transaction is expected in the fourth quarter of 2015, which is subject to customary closing conditions and regulatory approvals. Additional terms of the deal were not disclosed.