<a href="https://www.thenationalnews.com/business/technology/investcorp-backs-indian-start-up-freshtohome-1.1111656">Investcorp,</a> the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, bought US-based S&S Truck Parts to expand its portfolio in the world's largest economy. Founded in Chicago in 1952, S&S serves more than 1,600 customers and has a distributor network that spans 67 countries. It is the distributor of “mission-critical replacement parts” for heavy-duty logistics vehicles and trucks, according to a statement from Investcorp on Sunday. The total value of the deal was not provided. The acquisition “complements our experience in the vehicle replacement parts industry,” Yusef Al Yusef, head of Investcorp’s private wealth said. “S&S’s leading market position, strong customer relationships and the compelling value proposition of its private-label offering present an attractive investment opportunity.” Investcorp’s previous investments in the vehicle parts distribution segment in the US include Arrowhead Engineered Products, FleetPride and American Tire Distributors and KSI Auto Parts. “The partnership will focus on continuing S&S’s organic growth through further expanding its unique private-label offering, accelerating new product development, geographic expansion across North America and seeking to complete strategic add-on acquisitions,” Investcorp said. S&S's customers include original equipment manufacturers, commercial truck dealers, independent warehouse distributors and service shops across North America. The senior management team of S&S will retain a significant ownership stake in the business as part of the transaction. S&S generates about $44 million in sales from the company's six units, according to Dun and Bradstreet, which provides data, analytics, and insights for businesses. The market size of the heavy duty truck parts dealers industry in the US has grown 1.9 per cent per year on average between 2017 and 2022, according to market researcher IBISWorld. By revenue, the industry is forecast to reach about $21 billion in 2022. Investcorp had $40.4bn in total assets under management as of December 31, including assets managed by third-party managers. The company aims to more than double its assets under management to $100bn in seven years' time. Investcorp expects China, the world’s second-largest economy, and India to lead AUM growth in Asia, with contributions from some Asean states. Established more than four decades ago, Investcorp has grown to become one of the leading alternative asset management companies in the region, investing across asset classes and geographies. The company went on an <a href="https://www.thenationalnews.com/business/economy/2022/02/21/investcorp-invests-175m-in-indian-pharmaceutical-company-v-ensure/">acquisition spree</a> during the coronavirus pandemic to capitalise on lower asset valuations and is bullish on the growth prospects for its portfolio. <a href="https://www.thenationalnews.com/business/technology/investcorp-backs-indian-start-up-freshtohome-1.1111656">Investcorp</a> is also active in the real estate sector in the US and tapped into demand for residential and industrial properties in the country. The company bought 200 properties valued at $2.5bn and sold properties worth $1.5bn in the world's largest economy in 2021.