Clearlake Capital reaped nearly $1bn in profit selling car parts maker Wheel Pros in 2021, which it acquired just three years earlier in a buyout worth just over $400mn.
But now Wheel Pros has filed for Chapter 11 bankruptcy protection, collapsing under more than $1.7bn of debt. Its current equity holders will recover nothing. Included in that group being walloped: Clearlake.
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