MSCP Buys Nivel From Kelso

Morgan Stanley Capital Partners (MSCP) has acquired Nivel Parts & Manufacturing from Kelso & Company.

Nivel is a manufacturer and distributor of branded aftermarket parts used in personal transportation vehicles, utility terrain vehicles and heavy-duty equipment. The company is the largest supplier of aftermarket parts and accessories to the golf cart market with more than 100,000 SKUs of accessories and maintenance parts.

Nivel’s products, sold under the brands MadJax, Red Dot, GTW, Jake’s, Reliance, Seizmik and High Lifter, are sold to dealers, distributors and consumers. The company, led by CEO Brent Moore, was founded in 1968 and is headquartered in Jacksonville, Florida.

“We could not be more excited to be working with MSCP as we enter this exciting new phase,” said Mr. Moore. “With MSCP’s deep expertise in advancing client-centric companies on their growth trajectories, we will be well-equipped to expand our current capabilities and products while continuing to provide the highest quality service to our customers.”

“We are delighted to partner with Nivel and its talented management team led by Brent Moore,” said Aaron Sack, a managing director and the head of MSCP. “The company has differentiated itself through continued product innovation across vehicle categories and by providing best-in-class customer service to its highly passionate customer base. We look forward to working with Brent and the team to further scale the company through organic growth and strategic acquisitions.”

The acquisition of Nivel follows MSCPs’ recent buys of AWT Labels & Packaging, a Minneapolis-based provider of labels and flexible packaging products, in December 2020; and US HealthConnect, a Philadelphia-based digital provider of pharma-sponsored continuing medical education to healthcare providers, in October 2020.

Morgan Stanley Capital Partners is the middle-market focused private equity business of Morgan Stanley Investment Management which in turn is part of Morgan Stanley (NYSE: MS), a financial services firm providing investment banking, securities, wealth management and investment management services.

Kelso, which acquired Nivel from Audax in January 2012, is one of the oldest and most established firms specializing in middle-market private equity investing. Since 1980, New York-based Kelso has invested over $13 billion of equity capital in 132 transactions.

Private Equity Professional | May 27, 2021

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