Trivest Partners has acquired American Covers (dba HandStands), a designer and supplier of automotive air freshener products. The existing HandStands shareholders have retained a significant equity interest in the company. The acquisition of HandStands represents the 1st platform company investment for Trivest Fund V, a $415 million fund which closed in October 2012.
Chris Anderson, HandStands’ CEO, along with the company’s current management team, will continue to lead daily operations. “From our first meeting with Trivest, it was clear that they not only have the experience and capital to support HandStands in our next chapter of growth and success, but, and perhaps more importantly, the Trivest and HandStands teams share overlapping cultures based on transparency, sustainability and trust,” said Mr. Anderson.
HandStands designs and markets automotive air freshener products. The company’s products are sold through the mass market, automotive aftermarket, value, and food & drug channels. Brand names include Refresh Your Car!, DRIVEN and Bahama & Co. HandStands was founded in 1983 and is based in Draper, UT (www.handstands.com).
“We are delighted the HandStands team identified Trivest as the best partner to help build on the company’s impressive track record. Chris Anderson and his team are among the most talented and capable managers we have worked with in the lower middle market. We continue to be impressed not only with management’s ability to drive industry growth through innovation, but also their focus on the long-term success of their retail partners,” said Troy Templeton, Trivest’s Managing Partner.
Trivest invests in founder or family owned businesses in the United States and Canada that have revenues of at least $25 million and cash flows of at least $5 million. Sectors of interest include business services, niche manufacturing, consumer products, and franchisors. The firm was founded in 1981 and has completed 190 transactions totaling more than $5 billion in value. Trivest is headquartered in Miami (www.trivest.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 5-15-13