Middle market investor Harvest Partners has added Michael Klein as an advisor to the firm. Mr. Klein will assist Harvest in identifying and evaluating new investments in the automotive aftermarket parts, distribution, services, and retail sectors.
Mr. Klein’s background includes 35 years in the automotive aftermarket, including CEO roles with Armored Auto Group, IDQ Holdings (a maker of automotive A/C products), and Murray’s Discount Auto Stores.
“Michael has an exceptional track record with both family and private equity-owned businesses in the automotive aftermarket, having been the CEO of three companies that generated significant returns for multiple owners,” said Michael DeFlorio, a Senior Managing Director of Harvest Partners. “We are pleased to enter into a formal relationship with him.”
Harvest Partners currently manages approximately $2 billion of equity and structured capital and is investing its sixth private equity fund. Harvest invests in companies with $20 million to $75 million of EBITDA and total enterprise values of $100 million to $750 million. Sectors of interest include industrial & energy services; manufacturing & distribution; consumer & business services; and healthcare services. The firm was founded in 1981 and is based in New York (www.harvestpartners.com).
In April, Harvest sold Driven Brands to Roark Capital Group. Driven Brands is a franchisor in the automotive aftermarket services industry with brands that include Meineke Car Care Centers and Maaco Collision Repair and Auto Painting. Harvest acquired Driven Brands in December 2011.
“Given our recent success with Driven Brands, we are enthusiastic about pursuing new opportunities in the automotive aftermarket. We believe Michael’s experience, leadership, and vision make him the ideal partner for us,” said Thomas Arenz, a Senior Managing Director of Harvest Partners.
Mr. Klein currently serves as Vice Chairman of the Automotive Aftermarket Industry Association (www.autocare.org) but has been elected as the chairman of the association effective July 1, 2016.
© 2016 Private Equity Professional • 6-15-16
