HUNTSVILLE, Ala., June 27, 2012 /PRNewswire/ -- LINE-X Protective Coatings, the nation's leading developer and provider of high performance protective coatings and spray-on truck bedliners, along with Graham Partners, today announced that they have assumed controlling interest in one of Detroit's most well-known and leading Tier 1 automotive aftermarket suppliers, Ground Effects Ltd. (GFX). While the details of the new partnership will unfold over the coming months, the combination creates all-new opportunities for LINE-X and GFX to develop aftermarket services and establish support structures through the expansive LINE-X network. This will benefit LINE-X franchisees, automotive manufacturers and their customers.
"This is a historic time for LINE-X and our entire family of franchises. The acquisition of GFX puts our company and products directly in front of the greater automotive industry, but more importantly, allows us to offer additional services to our end customer," said Kevin Heronimus, LINE-X CEO. "Our 425+ North American franchises and the automotive manufacturers will undoubtedly benefit from this new partnership, charting a new path for LINE-X for years to come."
LINE-X Protective Coatings secured the acquisition of GFX with investment support from Graham Partners. LINE-X has been one of Graham Partners' portfolio companies for the past seven years. LINE-X has developed an incremental and phased program that is set to rollout over the next six months. GFX owns and operates multiple facilities and currently services General Motors, Ford Motor Company, Toyota Motor Sales and the Chrysler Group.
About LINE-X Protective Coatings
LINE-X Protective Coatings (www.LINE-X.com) is the nation's leading developer and provider of high performance protective coatings offering scientifically formulated polymers that permanently bond to a wide range of surfaces for unmatched durability. LINE-X products are utilized in automotive, commercial, light industrial, heavy industrial, agricultural, military, marine and custom applications. Headquartered in Huntsville, Alabama, with more than 500 locations in 46 countries, it is the goal of LINE-X to consistently produce the highest quality and most reliable materials available. Follow LINE-X on Twitter @LineXprotects, become a fan on Facebook of LINE-X Protective Coatings and check out what LINE-X is doing on YouTube at: http://www.youtube.com/linexprotects.
About Ground Effects Ltd. (GFX)
GFX (www.gfxltd.com) based in Windsor, Ontario, is a leading designer and manufacturer of interior and exterior automotive accessories and provider of upfit services to automotive OEM's and dealerships in the United States and Canada. The company's products are utilized on over 40 vehicle platforms.
About Graham Partners
Graham Partners (www.grahampartners.net) is a leading, established private investment firm based in suburban Philadelphia. The firm invests in middle-market industrial and manufacturing-related companies with exceptional growth potential, focusing on businesses with proprietary technologies and advanced manufacturing know-how. Today, the firm manages approximately $1.6 billion, comprised of the committed capital under Graham Partners management as well as certain capital deployed on behalf of equity co-investors, including portfolio company management. Graham Partners targets industrial businesses with revenues between $30 million and $500 million for investment. The firm has access to extensive operating resources and industrial expertise as a member of The Graham Group, an alliance of independently owned and operated industrial and investment management businesses that share in the common legacy of entrepreneur Donald C. Graham's industrial endeavors. Over nearly half a century, Don Graham built a substantial family industrial concern — founding consumer packaging, capital equipment and building products businesses, and investing in companies serving a wide range of consumer and industrial sectors.
SOURCE LINE-X Protective Coatings