Penda Corporation (“Penda”), headquartered in Portage, Wisconsin, is a leading manufacturer of large thermoformed and composite truck accessories and industrial components. Penda’s principal product line is plastic liners for pickup truck cargo beds. Major OEM customers include GM, DaimlerChrysler, and Toyota. Penda broadened its focus to include the bedliner aftermarket, thermoformed products outside the bedliner markets, and expanded its product line through acquisitions to include fiberglass accessories such as truck-caps, van tops, and running boards.

Merit provided subordinated debt and common stock to finance the acquisition by management and several equity fund sponsors.