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Huron Capital’s Drake Automotive Platform Completes Fifth Add-on
Detroit, MI – June 19, 2018 – Leading lower-middle-market private equity firm Huron Capital today announced its aftermarket car accessories and restoration parts platform, Drake Automotive Group (“Drake”), has acquired Riverside, California-based DV8 Offroad (“DV8”), a designer and distributor of off-road accessories and wheels. The deal marks the fifth add-on acquisition for the Drake platform investment since its launch in 2016.
For fifteen years, DV8 has provided consumers and specialty retailers in the off-road, modern muscle and classic vehicle markets with high-quality wheels and accessories, including bumpers, hard tops, fenders and hoods. DV8 was founded by CEO Bob McMath in 2003 and is currently managed by Landon McMath and Cole McMath.
“We are excited to align with such a successful, growth-oriented company to help us expand Drake’s offerings in the off-road market,” Drake CEO Keith Belair said. “We believe DV8 is a great fit and the acquisition will serve as a significant step forward in the strategic evolution of both companies.”
The acquisition of DV8 is aligned with Drake’s growth strategy aimed at expanding its offerings to off-road and truck enthusiasts. Since 2016, Drake has also acquired Proforged, Fender Gripper, Carroll Shelby Wheel Company and OG Innovations.
“We believe Huron Capital offers expertise in helping grow businesses and we are excited to join the Drake team and bring an expanded portfolio of products to our customers,” said Bob McMath. “We think Huron Capital’s operational expertise and resources will provide the DV8 brand with new opportunities for growth and innovation.”
“With its solid customer base, complementary offerings and strong reputation within the enthusiast market, we believe the acquisition of DV8 will further enhance Drake’s position as a leader in the automotive aftermarket parts industry,” Huron Capital Vice President Michael Zukas said.
About Huron Capital
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 150 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital’s sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit www.huroncapital.com.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.
