Hoonigan Files for Bankruptcy

Hoonigan has recently filed for bankruptcy, revealing a significant debt of $1.2 billion.

By Kevin Joseph September 11, 2024

Founder Background: Hoonigan was established by the renowned rally driver Ken Block.

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Debt Details: The company seeks to eliminate $1.2 billion in debts.

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New Capital Raising: Hoonigan is looking to secure up to $570 million in fresh capital.

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Ownership Transition: Hoonigan has recently partnered with an aftermarket wheel company that is owned by Clearlake Capital.

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YouTube Presence: Famous for its YouTube channel "The Hoonigans," which boasts an impressive 5.7 million subscribers.

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Merger History: Hoonigan and Wheel Pros have come together in a merger, joining forces to create a powerhouse in the aftermarket wheel industry.

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Impact of Ken Block's Passing: Unfortunately, Block's passing in 2023 significantly impacted the brand's future.

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Talent Departure: After the merger, many talented people from the YouTube channel decided to move on.

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Rebranding Move: In October 2023, the Wheel Pros brands underwent a rebranding and are now known as Hoonigan.

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Included Brands: Brands such as TSW, American Racing, and Rotiform, previously under Wheel Pros, have now become part of the Hoonigan company.

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Overall Debt: The company's debt amounts to a total of $1.8 billion.

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Bankruptcy Purpose: The filing is viewed as a move to bolster finances strategically.

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