CID Capital has acquired Corvette America, a manufacturer, distributor, and online seller of aftermarket restoration and performance products for Chevrolet Corvettes and Ford Mustangs. Corvette America was acquired from Restoration Parts Unlimited, a portfolio company of Dubin Clark & Company.
Corvette America specializes in interior components but also sells a complete line of parts, wheels and other accessories – the company has more than 24,000 SKUs – for every generation of Corvette (www.corvetteamerica.com).
Corvette America, through its Mustang America division, also sells interior components, parts, wheels and accessories for Classic Mustangs (those manufactured from 1964-1973) and Fox Body Mustangs (manufactured from 1979-1993) (www.mustangamerica.com).
Corvette America has a 200,000 square-foot warehouse and headquarters facility in Reedsville, PA. The company was founded in 1977 and is led by CEO Orion Super. “CID Capital is an ideal partner that shares Corvette America’s passion for product quality, customer service and driving shareholder value,” said Mr. Super. “Our new alliance will fuel Corvette America’s vision and accelerate growth, providing customers with superior product offerings in restoration, style and performance across all generations of the iconic brands we service.”
“Corvette America is a market leader in the Corvette restoration market and has a growing presence in the Mustang restoration market. The company’s management team, leading product quality, strong customer service and broad line card were just a few of the strong attributes that attracted us to Corvette America,” said Eric Bruun, a managing director at CID. “We are excited to partner with the entire Corvette America team.”
CID Capital makes majority investments in lower-middle-market companies that have revenues of at least $10 million and EBITDA of $3 million to $10 million. Sectors of interest include consumer and industrial products. The firm is based in Indianapolis (www.cidcap.com). CID is actively seeking add-on opportunities for Corvette America.
© 2019 Private Equity Professional | February 7, 2019