Skylark Private Equity Partners has formed USA Automotive Partners (USAAP) to invest in Caldwell Automotive Partners.
Caldwell Automotive Partners (DBA CAP Fleet Upfitters) is a provider of state, local, and federal emergency vehicle upfitting services including video camera, radio, emergency lighting, and computer installations; vehicle painting and window tinting; and graphic and decal design and application. CAPS is also an authorized master distributor for every major brand of upfitting equipment in the industry.
CAP’s operations include upgrades to new and used vehicles, and product replacement, maintenance and repair. According to the company, it is the only law enforcement upfitter in the country that can complete more than 2,000 upfits per year.
CAP was founded in 2010 and is led by CEO Zach Hester and CFO Craig Oliver with a headquarters located 80 miles east of Houston in Caldwell, Texas. The company is building a new 128,000 square foot production facility in Caldwell which will more than double its current upfit capacity later this year.
“CAP has consistently delivered high-quality service to the specific and customized needs of our law enforcement customers. We have already begun to execute our plans to scale our capabilities and operations so that we can continue to meet the needs of the law enforcement agencies and government customers that serve all of us every day,” said Mr. Hester.
Simultaneously with the buy of CAP, USAAP also acquired Cameron Country, a Cameron, Texas-based automotive and truck dealer. This acquisition expanded the company’s product line to include Chrysler, Dodge, Jeep, and Ram products, including the Dodge Charger Pursuit, the market-leading sedan for law enforcement agencies across the country.
“CAP has proven itself to be an industry leader and we are excited about the growth opportunities as CAP expands its production capacity and customer base both in and outside of Texas,” said Marshall Viney, a partner at Skylark. “Zach, Craig, and the entire CAP team have built tremendous relationships with law enforcement agencies and other government entities by providing exceptional customer service and leading upfit capabilities for their customers. We look forward to working alongside the CAP team to build upon this firm foundation.”
Skylark Private Equity Partners makes both control and minority investments in lower middle market companies that are active in manufacturing, and business, healthcare, industrial, and consumer service sectors. Skylark is led by Managing Partner Hunter Peterson and is headquartered in Dallas.
Skylark’s transaction team included Mr. Peterson, Mr. Viney, Principal Chase Eckert, and Associate Danny McNamara.
BMO Harris provided debt financing to support the acquisition of CAP by USAAP.
© 2022 Private Equity Professional | June 1, 2022
