All Star and Atlantic Street Partner Up

Atlantic Street Capital has acquired All Star Auto Lights, a distributor of alternative lighting products.

All Star’s products include recycled and refurbished OEM parts and certified aftermarket products, including headlamps, tail lamps, park lamps, fog lamps and turn signals for both foreign and domestic vehicles. All Star’s restoration services are done in-house and range from basic lens clean-up to complete light rebuilds.

All Star has an inventory of over 40,000 lights and sells its products to independent auto body shops, multi-site operators of collision repair centers, and individuals. Used and refurbished lights account for about 80% of the company’s revenues with the remaining 20% from a combination of OEM product and aftermarket lights. The company was founded in 2004 by Mark Immerfall and is led by CEO Matt Immerfall (son of the founder).

All Star is headquartered in Orlando with nationwide distribution through seven facilities in Florida, Michigan, Tennessee, Texas, California, North Carolina and Pennsylvania (www.allstarautolights.com).

Atlantic Street is partnering on this transaction with Matt Immerfall and other investors. “We recognized the need for a strategic partner to help All Star grow by investing in and supporting the company’s organic growth plan and executing on acquisition opportunities.   We believe Atlantic Street has the right team of professionals to help us achieve our aggressive growth goals,” said Mr. Immerfall.

“The US auto collision repair market is a growing category and a variety of factors are causing consumers, insurance carriers, and auto collision repair shops to help mitigate increasing costs with high-quality alternatives,” said Peter Shabecoff, managing partner of Atlantic Street. “Both recycled or refurbished OEM parts and aftermarket parts are now viable, cost-effective alternatives to new parts and All Star is a leader in terms of differentiated price, quality, available inventory, timely delivery, and service.  We look forward to partnering with Matt as we expand and grow its operations.”

“We are very excited about this investment because of All Star’s leading industry position and its ability to serve as a cost-effective and quality alternative to higher-priced new OEM products,” said Phil Druce, a partner at Atlantic Street. “Working with Matt, we will capitalize on opportunities to expand the company’s footprint, further penetrate existing customers, and evaluate potential expansion into new product categories.”

Earlier this month, Atlantic Street held a final closing of Atlantic Street Capital IV LP at its hard cap with $500 million of capital commitments. The firm’s earlier fund closed in October 2016 with $210 million of committed capital.

Atlantic Street invests from $15 million to $40 million in middle-market companies with EBITDA from $4 million to $15 million. The firm invests across a range of sectors but has a specific interest in healthcare, multi-unit retail, business services, and consumer products and services. Atlantic Street was founded in September 2006 by Peter Shabecoff and is based in Stamford, CT with an additional office in West Palm Beach, FL.

© 2019 Private Equity Professional | September 11, 2019

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