Drake Automotive Group, a platform company of Huron Capital, has acquired DV8 Offroad, a designer and distributor of off-road accessories and wheels.
DV8 Offroad’s products – sold to consumers and specialty retailers – include truck bumpers, fenders, hoods, hard tops, wheels, LED lights, winches, and apparel. DV8 was founded by CEO Bob McMath in 2003 and is currently managed by Landon McMath and Cole McMath. The company is headquartered in Riverside, CA (www.dv8offroad.com).
Drake Automotive Group is an automotive aftermarket parts brand serving the classic car, off-road, and late model “muscle car” categories. The company is led by CEO Keith Belair and is headquartered in Henderson, NV (www.drakeautomotivegroup.com).
“We are excited to align with such a successful, growth-oriented company to help us expand Drake’s offerings in the off-road market,” said Mr. Belair. “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 buy of DV8 Offroad is the fifth add-on acquisition since Huron acquired Drake in January 2016. The earlier add-ons were Proforged, a Boulder, CO-based designer and distributor of chassis parts, acquired in May 2018; Fender Gripper, a Tyler, TX-based manufacturer of aftermarket protective fender covers, trunk mats, and carpet underlayments, acquired in November 2016; Carroll Shelby Wheel Company, a Las Vegas-based designer and manufacturer of aftermarket wheels, acquired in October 2017. Drake acquired the assets of the business and simultaneously executed a license for the Carroll Shelby Wheel name from Carroll Shelby Licensing; and in November 2017, Drake acquired OG Innovations, a maker of pre-cut automotive graphics kits based in Canoga Park, CA.
“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,” said Huron Capital Vice President Michael Zukas.
Huron Capital 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 business services, consumer products & services and specialty industrials. Huron was founded in 1999 and has offices in Detroit and Toronto (www.huroncapital.com).
© 2018 Private Equity Professional | June 20, 2018