Sentinel Capital Partners has sold its portfolio company Vintage Holdings (DBA Vintage Parts) to GenNx360 Capital Partners.
Vintage Parts supplies slow-moving replacement parts sourced from original equipment manufacturers (OEMs) to OEM-approved dealers and distributors. The company is 100% aftermarket focused and has partnerships with more than 60 OEMs in the automotive, construction, agriculture, and trucking end markets including CNH, Caterpillar, Chrysler, Ford, GM, John Deere, Harley Davidson, Honda, Komatsu, and Mercedes-Benz. The company operates 16 facilities and employs over 100 people. Vintage Parts is headquartered northwest of Milwaukee in Beaver Dam, WI (www.vpartsinc.com).
Sentinel first invested in Vintage Parts in October 2007 through Sentinel Capital Partners III, LP. “Vintage Parts is an industry pioneer that has performed superbly during our eight-year ownership,” said Jim Coady, a partner at Sentinel. “Since we acquired the business, Vintage Parts has added 30 new OEM partners and entered several new end markets. If we could, we would own Vintage Parts forever. It is a great business with an outstanding management team, and the investment has been very rewarding for us.”
Sentinel Capital Partners invests in middle market companies in the United States and Canada in partnership with management. The firm invests in management buyouts, recapitalizations, corporate divestitures, and going-private transactions of businesses with EBITDAs up to $65 million. Sentinel targets eight industry sectors: aerospace & defense, business services, consumer, distribution, food & restaurants, franchising, healthcare, and industrials. The firm is headquartered in New York (www.sentinelpartners.com).
“Our long partnership with Sentinel has been very productive,” said Vintage Parts CEO Darrell Armbruster. “We worked alongside Sentinel to continue to refine our business model and, as a result, we have seen significant growth in our revenue and OEM partner base over the last several years. Looking forward, we see many more opportunities to grow.”
Matt Guenther led the transaction for GenNx360 and the buy of Vintage Parts is the fourth platform investment for GenNx360’s Fund II. “We are impressed by the company’s level of service to its partners and their dealer networks. As an industry pioneer, Vintage Parts has been successful in consistently adding new OEM partners to its network. We look forward to partnering with the company’s experienced management team to help them continue to grow while maintaining their high quality of service,” said Mr. Guenther.
GenNx360 is a private equity firm focused on investing in industrial business-to-business companies in the middle market. Sectors of interest include aerospace & defense; automotive; building products; food & agriculture; healthcare; metals & mining; oil & gas and power; packaging, specialty chemicals; and transportation. GenNx360 was founded in 2006 and is headquartered in New York with an additional office in Boston (www.gennx360.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 9-21-15
