Monomoy Capital Partners announced today that it has acquired High Performance Industries, a manufacturer of high-performance automotive aftermarket products. Holley is a new platform acquisition for Monomoy Capital Partners II, L.P., Monomoy’s current fund vehicle.
Founded in 1903, Holley is a manufacturer of high-performance automotive aftermarket products, including carburetors, electronic fuel injection kits, exhaust headers and fuel pumps.
The company markets its products through a portfolio of brands, including: Holley®, Hooker Headers®, Flowtech®, Nitrous Oxide Systems®, Earl’s®, and Weiand®. Holley is headquartered in Bowling Green, KT, operates two manufacturing facilities in Kentucky and Mississippi, and has approximately 350 employees (www.holley.com).
“We are thrilled with the opportunity to move forward with Monomoy. The partnership with Monomoy will provide us with the strategic capital and operational resources to increase Holley’s market share, introduce exciting new performance products, and grow earnings,” said Thomas Tomlinson, the company’s Chief Executive Officer.
Wells Fargo and LBC Credit Partners provided financing for the transaction. Kevin Morris, Rodin Hai-Jew and Natalia Sokolova from Kirkland & Ellis provided Monomoy’s legal counsel in the acquisition and Houlihan Lokey provided financial and accounting diligence. XMS Capital Partners advised the sellers in the transaction.
Monomoy Capital Partners has $700 million in assets under management and makes control investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice industries. Over the past five years, Monomoy has closed over 30 middle market acquisitions, and its companies currently produce over $1.1 billion in combined sales and employ more than 4,500 people across four continents, from North America to Asia. The firm is headquartered in New York, NY (www.mcpfunds.com).
“We are very excited to partner with Holley’s management team to continue to grow Holley’s portfolio of industry leading brands. Monomoy will look to strengthen and grow the company by optimizing its manufacturing system, focusing on product development and expanding Holley both organically and through acquisition. Our end-customers are individuals who own classic cars, project cars and race cars, we plan on doing a lot of listening to understand how we can make our products better,” said Justin Hillenbrand, Partner of Monomoy.
