Drake Automotive Group serves the classic car, off-road, and late model “muscle car” markets. Drake has long been a provider of parts for classic and current model Ford Mustangs and for other vehicles such as Broncos, Jeeps, and Camaros. The company was founded by Scott Drake in 1988 and is headquartered in Henderson, NV (www.drakeautomotivegroup.com).
“We think Drake is a great fit with Huron Capital, given our Detroit roots,” said Brian Demkowicz, Managing Partner of Huron Capital. “We believe Scott and his team have done an excellent job building a premier brand name that caters to a passionate group of vehicle enthusiasts who recognize Drake for innovation and quality.”
According to the 2015 Specialty Equipment Market Association Market Report, the automotive restoration aftermarket parts business is a $1.4 billion industry. “Working with the Drake team, we plan to pursue a buy-and-build strategy in the enthusiast segment of the automotive aftermarket,” added Mr. Demkowicz.
Huron Capital Partners invests up to $70 million per transaction in middle market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include specialty manufacturing, business services, consumer goods & services, and healthcare. The firm was founded in 1999 and currently manages over $1.1 billion in equity through four private equity funds. Huron Capital has offices in Detroit and Toronto (www.huroncapital.com).
“Our team has a lot of energy and ideas for growing the business, and we are excited to have a partner in Huron Capital who shares our vision and values,” said Mr. Drake.
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-12-16