HENDERSON, Nev.--(BUSINESS WIRE)--In an exclusive licensing arrangement with Carroll Shelby Licensing, Drake Automotive Group, LLC announced they will begin to design, manufacture and sell wheels using the Carroll Shelby Wheel brand name.
“With the leading share of restoration parts offered for classic 1964-73 Mustangs and the demand for our Scott Drake Legendary Wheels, the move into the wheel space for late model Mustangs was a natural fit for our product portfolio,” said Keith Belair, CEO of Drake Automotive Group. “And given our long partnership and success with the Carroll Shelby brand as an official supplier for Shelby Performance Parts, we’re confident that Drake’s dealer network will be excited to offer the Carroll Shelby brand of wheels.”
Drake Automotive Group’s exclusive license included the asset purchase of the Carroll Shelby Wheel Company including the patents around existing wheel designs like the CS-1, CS-40 and CS-70. In the coming months, Drake plans to introduce five new designs including one for the soon-to-be-launched and redesigned 2018 Ford Mustang. They will also extend into the Off Road and truck categories with wheels designed specifically for the iconic Jeep Wrangler and Ford F-150.
“Drake Automotive Group’s team is well positioned to help us continue growing the Carroll Shelby brand through this new program,” said M. Neil Cummings – CEO of Carroll Shelby Licensing. “We’re excited to bring high performance wheels for late model vehicles back to the market with Carroll’s name on them.”
The Carroll Shelby Wheel license represents the third in a series of targeted acquisitions by Huron Capital and Drake Automotive as they look to accelerate the Drake presence across a broader spectrum in the off road and muscle car categories.
About Drake Automotive Group
Drake Automotive Group has been the most trusted name in the classic Mustang restoration market since it was founded in 1988. As an OE supplier to Ford and with the experience gained in the classic Ford market, the company also produces a growing offering of quality parts for late-model Mustangs, Camaros, Challengers and Jeeps. In 2015, Drake partnered with Huron Capital, based in Detroit, MI, to facilitate the Company’s next stage of growth and expansion into new markets.
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 $1.7 billion in capital through six committed private equity funds and invested in over 130 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 manufacturing. For more information, please visit www.huroncapital.com