Drake Automotive Group, a portfolio company of Huron Capital, has acquired Addictive Desert Designs (ADD), a designer, manufacturer, and distributor of truck, SUV, and Jeep accessories for the off-road aftermarket.
ADD’s products include aftermarket suspension kits, off-road bumpers and other accessories for a range of truck models including those produced by Chevrolet, Ford, Jeep, Nissan, Ram and Toyota.
The company was founded by Jared Hare in 2007 and operates from an 80,000 sq. ft. facility in Mesa, AZ (www.addictivedesertdesigns.com).
“We are proud to join Drake Automotive to further expand our off-road and truck market capabilities,” said Mr. Hare who will remain in his role as president and continue to lead ADD. “We believe Drake’s resources will help to fuel new opportunities for us as our partnership evolves.”
Drake Automotive Group is an automotive aftermarket parts brand serving the classic car, off-road, and late model “muscle car” categories. The company is led by CEO Keith Belair and is headquartered in Henderson, NV (www.drakeautomotivegroup.com).
“We are excited to welcome ADD to our robust portfolio of off-road parts and accessories,” said Mr. Belair. “ADD is a strong brand known for superior design and high-quality products, making the company a great strategic fit and an excellent growth opportunity for both of our innovative companies.”
The buy of ADD is the sixth add-on acquisition for the Drake platform since it was launched by Huron in January 2016. The earlier add-ons were DV8 Offroad, a Riverside, CA-based designer and distributor of off-road accessories and wheels, acquired in June 2018; Proforged, a Boulder, CO-based designer and distributor of chassis parts, acquired in May 2018; Fender Gripper, a Tyler, TX-based manufacturer of aftermarket protective fender covers, trunk mats, and carpet underlayments, acquired in November 2016; Carroll Shelby Wheel Company, a Las Vegas-based designer and manufacturer of aftermarket wheels, acquired in October 2017. Drake acquired the assets of the business and simultaneously executed a license for the Carroll Shelby Wheel name from Carroll Shelby Licensing; and in November 2017, Drake acquired OG Innovations, a maker of pre-cut automotive graphics kits based in Canoga Park, CA.
“We believe ADD’s diverse off-road offerings and leading-edge designs are a great addition for Drake and will boost our position in the off-road aftermarket,” said Michael Zukas, a vice president at Huron. “We are thrilled to have ADD join the Drake family and are excited about the complementary products and incremental growth opportunities that we are gaining with this transaction.”
Huron Capital is an operationally-focused private equity firm that makes control and non-control investments in companies with revenues of $20 million to $200 million and EBITDAs of $5 million or more. Sectors of interest include business services, consumer goods & services, and specialty industrials. Founded in 1999, Detroit-based Huron Capital has raised over $1.8 billion in capital through six private equity funds and invested in over 150 companies (www.huroncapital.com).
© 2018 Private Equity Professional | December 19, 2018