Terms of the deal weren't disclosed but a person familiar with the situation said Investcorp will make a roughly 200% gain on the investment. Bloomberg had reported last week that the seller was seeking as much as $1 billion for the business. Investcorp purchased FleetPride in June 2006 for $506 million, investing about $204 million of equity, according to Moody's Investors Service. The price was about 10 times Ebitda.

FleetPride was the second company that Investcorp, a Bahraini bank and private equity shop, has sold to TPG in just over two years. In mid-2010, Fort Worth- and San Francisco-based TPG paid Investcorp and two co-investors $1.3 billion for Charlotte, N.C.-based American Tire Distributors Holdings Inc.

Woodlands, Tenn.-based FleetPride executed a string of bolt-on acquisitions, most recently buying Westpac Heavy Duty Inc. The company sells parts and accessories for heavy-duty trucks from 248 locations in 45 states.

As of May, according to a Moody's report, FleetPride has about $475 million of long-term debt and generates about $100 million a year of Ebitda.

FleetPride chairman and CEO W.M. McGee will continue to run the company. "TPG's vision for expansion through acquisition and greenfield opportunities will enable FleetPride to better serve our existing customers as we aggressively grow our national footprint," McGee said in a statement.

Deutsche Bank Securities Inc. and RBC Capital Markets advised TPG, which is tapping Bank of America Merrill Lynch as well as Deutsche Bank AG and RBC for debt financing. BofA, Citigroup Inc. and JPMorgan Chase & Co. advised the seller.

The deal is expected to close later this year.

Investcorp did not return calls, and TPG declined to comment.