BOSTON--(BUSINESS WIRE)--Audax Private Equity (“Audax”) today announced that it has acquired a majority stake in Covercraft Industries, a leading manufacturer of custom vehicle protection products, from Century Park Capital Partners. Terms of the transaction were not disclosed.
Based in Pauls Valley, Oklahoma, Covercraft is a leading branded manufacturer of custom vehicle protection products including automotive covers, seat covers, front end masks, dashboard covers, window sunscreens, RV covers, boat covers, bimini tops, and other products that “protect the things that move you”. The company focuses on custom-fitted covers with a library that includes more than 300,000 patterns for distinct automotive, marine, RV, and outdoor protection products.
“We are terrifically excited to be part of the Audax family and look forward to benefiting from their established history within the vehicle aftermarket sector,” said Matt Jordan, Chief Executive Officer of Covercraft. “We believe that this partnership will enable us to continue growing our customer base and product portfolio while retaining our core values of integrity, innovation, and quality.”
“Covercraft introduced the first custom fit car cover more than 55 years ago and is a long-standing leader in the vehicle protection accessories market,” said Jay Mitchell, Managing Director of Audax. “We look forward to partnering with and supporting the company’s highly experienced management team. We believe that they are well-positioned to execute on organic growth opportunities and complete strategic acquisitions.”
Stifel, Nicolaus & Company, Incorporated acted as financial advisor and Winston & Strawn LLP served as legal counsel to Covercraft. Ropes & Gray LLP served as legal counsel to Audax.
About Covercraft
Covercraft Industries, LLC is a leading branded manufacturer of Automotive, Marine and Recreational Vehicle protection products, as well as a market leader in outdoor protection products for Home and Garden. Covercraft’s product offerings include full vehicle covers, seat covers, front end masks, dashboard covers, window sunscreens, marine and RV covers and accessories, patio furniture and outdoor kitchen covers, and other products that preserve and protect. The company focuses on custom fitment with an impressive library of patterns for distinct automotive, marine, RV and outdoor protection products. Our Mission is to design and manufacture quality products that protect the things that move you. Our Goal and Vision is to be the most sought-after source for customers seeking to protect their investments, hobbies, adventures, and memories.
The Covercraft family includes leading brands beyond the iconic car cover, including ADCO, Carver, Marathon and PCI. Founded in Southern California in 1965, Covercraft is Headquartered in Pauls Valley, Oklahoma, with manufacturing facilities in Oklahoma, California, Colorado, Montana, South Carolina, Texas, and Mexico.
For more information, please visit www.covercraft.com.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 1,000 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.
About Century Park Capital Partners
Century Park Capital Partners is a Los Angeles-based private equity group established in 2000 that invests in family businesses, owner-operated firms and corporate divestitures with the purpose of accelerating growth and transforming these companies into leading industry players. We specialize in acquiring strategically well-positioned yet under-resourced middle market companies with identifiable potential for value creation. We leverage the domain expertise of the Century Park Executive Council to work with management to implement a Value Creation Blueprint for our portfolio companies. We further support our investments with proven operational and best practice initiatives, led by our Operating Team, including buy-and-build acquisition integration programs and infrastructure additions. For more information on Century Park, please visit www.centuryparkcapital.com.
