Huron Capital's Drake Automotive Platform Completes Fourth Add-on Acquisition
Acquisition of Proforged Expands Product Offerings for Aftermarket Car Accessories and Restoration Parts Platform
DETROIT, May 11, 2018 /PRNewswire/ -- Leading lower-middle-market private equity firm Huron Capital today announced its aftermarket car accessories and restoration parts platform Drake Automotive Group ("Drake") has acquired Boulder, Colorado-based Proforged, a designer and distributor of chassis parts. The deal marks the fourth add-on acquisition for the Drake platform investment in less than two and a half years. Since 2016, Drake has also acquired Fender Gripper, Carroll Shelby Wheel Company and OG Innovations.
Proforged has a strong presence in the wear-and-tear replacement market with more than 2,000 steering and suspension products across all major vehicle platforms and brands sold online to auto parts retailers. Proforged was founded by Zack Kanter in 2010 and is currently led by operations manager Tony Ou.
"Drake and Proforged share common core values – a commitment to making aftermarket parts that help car owners keep their muscle cars, off-road vehicles and classic cars going fast – making this transaction a natural fit," Drake CEO Keith Belair said. "And like our prior acquisitions, we believe the combination of Drake and Proforged will better position both companies for growth and provide a better experience for our customers."
"Huron Capital has a history of providing companies with the support and guidance needed to achieve growth through acquisition," Kanter said. "We are excited to be part of Drake and look forward to seeing continued success as we bring our comprehensive mix of steering and suspension products into Drake's expansive portfolio of aftermarket accessories."
"With this transaction, Drake adds a steering and suspension parts supplier," Huron Capital Vice President Michael Zukas said. "We believe the expertise and capabilities Proforged offers will complement and strengthen Drake's position within the automotive aftermarket parts industry."
About Huron Capital
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 150 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm's operational approach to creating value. Huron Capital's sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit www.huroncapital.com.
SOURCE Huron Capital
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