Highline Aftermarket, a portfolio company of The Sterling Group, has acquired South/Win, a private label and contract manufacturer of automotive fluids.
Highline Aftermarket is a manufacturer and distributor of packaged automotive chemicals, lubricants, and parts, which it sells to independent distributors, quick lube shops, jobbers, wholesalers, and multiple retail channels. The company was formed by The Sterling Group through its third fund in April 2016 when it acquired DYK Automotive and Auto Aftermarket Holdings Corporation. Highline is headquartered in Memphis, TN (www.highlineaftermarket.com).
South/Win’s products are sold under a range of brands including Rain-X, Windex, Blue Coral, and Krystal Kleer. The company is headquartered in Greensboro, NC (www.southwinltd.com). The addition of South/Win provides Highline with additional automotive fluid manufacturing capabilities.
“Over 30 years, Will and Blaine DuBose have built a fantastic business at South/Win with a reputation for high-quality products and exceptional customer service,” said Darcy Curran, CEO of Highline. “When combined with Highline’s existing manufacturing and coast-to-coast distribution capabilities, South/Win strengthens Highline’s ability to serve customers nationwide.” Will DuBose has agreed to lead Highline’s combined manufacturing business.
“We believe the Highline and South/Win combination will result in additional organic growth opportunities, significant synergies, and broader product and channel reach, including solidified leadership in the windshield wash market,” said Gary Rosenthal, a Partner at The Sterling Group.
Highline has more than doubled in size under Sterling ownership and the buy of South/Win is the third add-on acquisition completed by Highline. The earlier add-ons were Service Champ, a Chalfont, PA-based distributor of branded and private label automotive aftermarket maintenance parts and accessories, in April 2016; and Levin’s, a Sacramento, CA-based distributor of branded and private label automotive aftermarket maintenance parts and accessories, in January 2018.
The Sterling Group invests in manufacturing, industrial services and distribution companies that have enterprise values from $100 million to $750 million. The firm emphasizes an operational approach in partnership with management teams to grow and improve the companies it acquires. Sterling was founded in 1982 and is headquartered in Houston (www.sterling-group.com).
© 2018 Private Equity Professional | May 2, 2018
