The Hoonigan brand, founded by legendary rally driver Ken Block, filed for bankruptcy in Delaware after racking up $1.2 billion in debt. However, the leaders still hope to secure new funding and ultimately survive.
The recent history of Hoonigan is quite complex. After operating independently for years, it merged with Wheels Pro in September 2021, which designs and sells aftermarket wheels, tires and accessories. Wheels Pro has been owned by private equity firm Clearlake Capital since April 2018, and since then has acquired the Gorilla, ReadyLift, MHT Luxury Allows, ZBroz and TSW brands until the merger with Hoonigan. After the merger with Hoonigan, the company acquired Throtl, Teraflex and 4WP, then adopted the name Hoonigan.
The filing shows that revenue rose from 844 million in 2019 to 1.5 billion in 2022, followed by a decline in 2023.
Hoonigan is now trying to get rid of $1.2 billion in debt by securing about $570 million in new capital. This will significantly improve the financial position of the company, and exit from bankruptcy is expected in two months.
As a reminder, Ken Block died in a snowmobile accident on January 2, 2023 in Utah.
Source: Klix.ba / Carscoops.com
Photo: Archive Autoblog.rs / Hoonigan
Source: autoblog.rs
