Promus Equity has acquired Auto Meter Enterprises, a manufacturer of aftermarket automotive gauges.
“The combination of strong engineering capabilities, leading brand name and deep, diverse customer relationships makes Auto Meter a very attractive business,” said Steve Brown, a partner at Promus. “Jeff King, Auto Meter’s President and CEO, has built a very talented team that operates at the forefront of the industry. We look forward to partnering with this team to grow the company, both organically and through strategic acquisitions,”
Auto Meter is a manufacturer of aftermarket automotive gauges as well as battery test and charging equipment. The company distributes its products to over 600 customers within the specialty warehouse distributor, retailer and OEM channels. Auto Meter is headquartered in Sycamore, IL (www.autometer.com).
Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm with approximately $500 million of capital under management. Promus targets lower-middle market companies with EBITDA of $15 million or less. The firm is based in Chicago (www.promusequity.com).
Avante Mezzanine Partners (www.avantemezzanine.com) provided mezzanine debt and participated in the equity investment. Cole Taylor (www.coletaylor.com) provided a senior credit facility.
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-5-13