Hicks Equity Partners, Gemini Investors and Monhegan Partners have partnered with Bill Ihnken to acquire Just Brakes, a retailer of automotive brake and maintenance services.
Just Brakes is a brake specialty repair chain that owns and operates more than 130 stores in eight states and fourteen major markets with approximately 950 employees nationwide. In addition to brake servicing, other services include oil changes, shocks and struts, air and cabin filter replacement, tire rotation, coolant, power steering, and various fluid exchanges, fuel system services, battery replacement, windshield wiper blade and engine belt replacement, and in select locations alignment and tire balancing services. Just Brakes was founded in 1980 and is headquartered in Dallas (www.justbrakes.com).
With the closing of the acquisition, Bill Ihnken has been named Chief Executive Officer of Just Brakes. Mr. Ihnken most recently served as President and Chief Operating Officer of TBC Corporation’s company-owned store division, which includes more than 900 tire and automotive service centers.
“Just Brakes is a well-recognized brand name operating in attractive markets that will serve as a wonderful platform for growth,” said Mr. Ihnken. “Hicks Equity Partners, Gemini Investors and Monhegan Partners bring the strategic and financial resources needed to capitalize on its significant potential. I am excited to lead Just Brakes and to collaborate with our dedicated employees and vendors to execute our long-term strategic plans, which include investments in training, expanded car care services, improved facilities and strategic acquisitions.”
Thomas Hicks, Chairman and Chief Executive Officer of Hicks Equity Partners, has been named Chairman of the Just Brakes’ Board of Directors. Hicks Equity Partners is the private equity arm for Hicks Holdings, a holding company for the Thomas Hicks family’s assets. The firm invests in companies with proven track records, strong free cash flow characteristics, a strong competitive industry position and an experienced management team looking to partner with long-term capital. The firm is based in Dallas, TX (no website found).
“We are pleased to partner with Gemini, Monhegan and Bill Ihnken to acquire Just Brakes. Just Brakes has a significant presence across the southern United States and is well-known for providing safe and dependable service. Our new ownership group is excited to pursue a range of attractive growth opportunities for the company under Bill’s leadership,” said Mr. Hicks.
Gemini Investors makes equity investments of $3 million to $8 million in companies with revenues of $10 million to $100 million and EBITDAs of at least $1 million. The firm is currently investing Gemini Investors V, LP, which has $190 million of committed capital. Gemini Investors was founded in 1993 and is based in Wellesley, MA (www.gemini-investors.com).
“We are delighted to be part of a top-notch investor group that has come together to acquire a market-leading company and continue its expansion into the provision of other automotive aftermarket services. Just Brakes has an exciting future and we are pleased to participate in enhancing the business’ value,” said James Goodman, President of Gemini Investors.
Monhegan Partners invests from $10 million to $35 million in equity in manufacturing, distribution and service businesses that have EBITDA of at least $5 million. Sector of specific interest include branded food & consumer packaged goods; engineered industrial components; plastics & packaging; manufactured commercial & consumer products; specialty chemicals; building products & materials; and distribution, logistics & other outsourced business services. The firm was founded in 2010 and is based in Darien, CT (www.monheganpartners.com).
“Bill Ihnken is the ideal executive to lead Just Brakes. Bill has enjoyed a long and successful career in the automotive services industry and understands the complexities of managing and growing a large chain of stores dedicated to extraordinary customer service. He is a great leader and has the vision, energy and commitment to move Just Brakes forward,” said Peter Pfister, Managing Partner of Monhegan Partners.
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-12-13