Greenbriar Equity Group has acquired a majority equity interest in JEGS Automotive, an online retailer and distributor of aftermarket auto parts and accessories.
JEGS was founded in 1960 by hot rod enthusiast Jeg Coughlin in a 4,000 square foot garage and parts shop in Columbus, Ohio. Today, the company offers more than two million SKUs of branded and private-label aftermarket auto parts and accessories to a national base of automotive enthusiast customers. JEGS is headquartered just north of Columbus in in Delaware, Ohio.
Greenbriar’s investment is the first institutional capital for JEGS and will be used to support product and market expansion, technology and distribution capabilities. The Coughlin family will retain a minority ownership position in JEGS in partnership with Greenbriar.
“After more than sixty years in business, our family was very focused on identifying a growth partner who shares our values and has a clear vision for the future of JEGS,” said the Coughlin family in a released statement. “We’ve found that partner in Greenbriar, and we look forward to remaining significant shareholders alongside them.”
“The entire JEGS team has never been more excited about the opportunities that lie ahead, and we look forward to partnering with Greenbriar and their extensive network of sector experts as we focus on enhancing our customers’ online experience, onboarding new products and services, and expanding our reach through organic and M&A-led growth,” said President Jeg Coughlin III.
“As an iconic brand in the performance enthusiast segment, JEGS is extremely well-positioned to take advantage of the continued growth of e-commerce in the broader automotive aftermarket, and we are proud to have been selected as their first institutional partner,” said Matt Burke, a managing director at Greenbriar. “The Coughlin family has built a unique culture underpinned by passionate employees with deep technical expertise, and we look forward to preserving that foundation while working with management to drive accelerated growth.”
Greenbriar is an active investor in the supply chain, business services, and advanced manufacturing sectors. The investment in JEGS is the eighth platform investment completed by Greenbriar over the past twelve months. In March 2021, Greenbriar held an oversubscribed closing of Greenbriar Equity Fund V LP with total capital commitments of nearly $1.7 billion. The firm was founded in 1999 and is based in Rye, New York.
Stifel Financial was the financial advisor to JEGS.
© 2022 Private Equity Professional | February 25, 2022
