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Attwater

Penda Announces Final Sale of Company

02 May 2000

Penda Corporation announced, that effective April 26, the final sale of the company to William Blair Capital Partners, Wind Point Partners, and Norwest Equity Partners, was completed. The current management team at Penda also participated in the new company's ownership. Penda is the nation's largest manufacturer and marketer of pick-up truck bedliners, serving both the original equipment and automotive aftermarkets. Penda also manufactures a full-line of truck accessories including soft and hard tonneau covers, step boards, tie-downs, and bedmats. Penda's subsidiaries, Penda Glasstite, Inc. and Tri-Glas Corporation manufacture premium fiberglass truck caps, running boards and hard tonneau covers. Jack Thompson, President and CEO of Penda Corporation, states, "Penda will continue to focus on making our customers and employees 100% successful. That is what has led to our market leadership in the bedliner industry. Our management team is excited about the new opportunities this partnership will bring." The new ownership will allow Penda to have access to additional equity to continue their aggressive acquisition strategy. Penda has positioned themselves as a complete platform for truck accessories by purchasing companies that complement their product line over the last 2 years.