Automotive Acquisitions in 2019

DexKo Global Inc., via its AL-KO Vehicle Technology business unit, has acquired Aguti Produktentwicklung & Design GmbH, a Germany-based designer and manufacturer of seating systems for motorhomes, electric vehicles and specialty vehicles. The transaction was signed in October 2019 and completed December 23, 2019; financial terms were not disclosed and Aguti's existing management team will remain in place.

Affiliates of private equity firm Hellman & Friedman have entered into a definitive agreement to acquire AutoScout24, the Munich‑based pan‑European online car marketplace, from Scout24. The transaction—expected to close in H1 2020—will allow AutoScout24 to pursue focused growth and expand dealer-facing digital services across its 18‑market footprint.

Lippert Components, Inc., a subsidiary of LCI Industries (NYSE: LCII), has acquired CURT Group from Audax Private Equity in a strategic purchase. CURT Group, headquartered in Eau Claire, Wisconsin, is a designer, manufacturer and distributor of towing and truck accessory products and will expand LCI's aftermarket product portfolio and market position.

Holland, Michigan-based Performance Plus Quick Lubes acquired Farmington, Michigan-based Colonial Car Wash and Oil Exchange, Inc. The acquisition adds a car wash division and an oil distribution operation to Performance Plus's existing network of quick-lube locations, supporting the company's geographic expansion and product/service capability growth in Michigan.

Windjammer Capital Investors’ portfolio company Mission Critical Electronics (MCE) has acquired Purkeys Fleet Electric, a North American developer, manufacturer, and distributor of electric power solutions for truck fleets, liftgate and trailer manufacturers, dealers, and OEMs. The add-on strengthens MCE’s Vehicle Power business by expanding its aftermarket product portfolio and capabilities in vehicle electrification; financial terms were not disclosed.

Clean Streak Ventures, a Florida-based car wash platform and portfolio company of MKH Capital Partners, announced acquisitions including Top Dog Express Car Wash & Oil Change, a majority stake in Clean Machine Car Wash, and three Blue Water Car Wash locations to expand its Florida footprint. The transactions convert the Blue Water sites to the Top Dog brand and deepen Clean Streak's presence in the Orlando and Naples/Fort Myers markets as part of a platform add-on growth strategy.

The Halifax Group completed an investment to acquire AAMP Global (AAMP Holdings, Inc.), a Clearwater, Florida-based manufacturer of vehicle aftermarket and OEM technology, from Audax Private Equity. Halifax partnered with CEO Jamie Fraser and AAMP's management team and said it will pursue organic growth and add-on acquisitions to expand the business in the U.S. and internationally; terms were not disclosed.

Mammoth Holdings has acquired Wiggy Wash, a four-unit conveyor car wash operator in Utah Valley. Red Dog Equity (with backing from The Pritzker Organization) provided the equity financing and Monroe Capital provided debt; Wiggy Wash founders Brent Wignall and Chris Hailstone made a significant equity investment in Mammoth and will continue in executive and development roles as Mammoth expands in Utah and the Mountain West.

Huron Capital’s XLerate Group has acquired Columbus Fair Auto Auction (CFAA) from the Jacobs family. The add-on expands XLerate’s nationwide auction and remarketing platform, strengthening its Midwestern presence and capabilities to service fleet/lease and financial institution customers.

Family RV Group, a portfolio company of Kidd & Company, LLC, has acquired Candy's Campers, a two-location recreational vehicle (RV) dealer headquartered in Scottsville, Kentucky. The add-on expands Family RV Group's footprint to 11 full-service dealerships across Ohio, Indiana, Kentucky, Tennessee and Georgia and adds sales, parts and service capabilities in the Scottsville and Murfreesboro markets.

Atlantic Street Capital completed a majority recapitalization of All Star Auto Lights, partnering with CEO Matt Immerfall and other investors to support the company's growth. The investment will fund organic growth, expansion of the company's footprint and inventory, and execution of acquisition opportunities in the collision repair aftermarket.

TSG Consumer Partners signed a definitive agreement to acquire a majority stake in Joe Hudson's Collision Center from Carousel Capital, with Carousel and JHCC management remaining minority investors. JHCC operates approximately 110 auto body repair shops across nine Southeastern U.S. states; TSG said it will help scale the platform, expand its geographic footprint, and build out digital and consumer marketing capabilities. Financial terms were not disclosed.

Drew Technologies, part of the IVS division of Opus Group AB (publ), acquired the technology and operating assets of BlueLink Diagnostic Solutions under an asset purchase agreement on August 23, 2019 for approximately MSEK 2.8. The BlueLink technology and North Carolina call-center capabilities will be integrated into Opus IVS (including Drew Technologies and Autologic) to expand remote vehicle diagnostics and technical support offerings.

Safelite Group, a Belron Group subsidiary, has acquired TruRoad Holdings, the second-largest automotive glass and claims-management company in the U.S., from CenterOak Partners. The deal expands Safelite/Belron’s U.S. footprint and consolidates market share in auto glass replacement, repair and claims-management services; financial terms were not disclosed.

Aftermarket Performance Group (APG) acquired Truck Tech, LLC from co-owners Royal Coburn and Eric Evans on August 16, 2019. The Salt Lake City business adds same-day and first-open-of-business next-day shipping capability and a dealership sales channel to APG's aftermarket distribution and will operate out of APG's Salt Lake City location; co-owner Royal Coburn joined APG to lead expedited shipping and dealership initiatives.

Private investment firm BASE has acquired MOVE, Inc. (MOVE Bumpers), a Lewistown, Montana-based manufacturer of aftermarket steel truck bumpers. The founder Jim Steen will continue to lead the Lewistown operation and the investment will support customer acquisition, product-line expansion and e‑commerce growth; terms were not disclosed.

Mammoth Holdings, an Atlanta-based express conveyor car wash operator, has acquired Wash Time Express, Inc., a single-unit express conveyor car wash in Austell, Georgia. The seller and founder Richard Bailey, Jr. reinvested a significant portion of proceeds into Mammoth and will join the company as an operations consultant and shareholder; Mammoth's platform is backed by Red Dog Equity with additional partnership from The Pritzker Organization.

Adell Group Inc., a portfolio company of Kinderhook Industries, has acquired Powerflow Inc., Powerflow Products Ltd., and Gestion Solutions Plastik Inc., providers of injection-molded plastic automotive accessories. The deal — Adell's first add-on under Kinderhook — expands the platform's geographic presence, customer base and product offerings; financial terms were not disclosed.

Hitachi Automotive Systems, a subsidiary of Hitachi, Ltd., has agreed to acquire Chassis Brakes International Group from KPS Capital Partners pursuant to a put option agreement. The transaction, which remains subject to works council consultations and customary closing conditions, will transfer a global manufacturer of automotive foundation brakes and components headquartered in Eindhoven, The Netherlands, to Hitachi Automotive.

Bestop, a Kinderhook Industries portfolio company, has acquired Softopper, a designer and manufacturer of convertible soft tops for light-duty pickup trucks and SUVs. The deal—Bestop's sixth add-on under Kinderhook—expands Bestop's product portfolio in the light-duty pickup truck aftermarket; financial terms were not disclosed.

Zips Car Wash acquired three store locations from Blue Iguana Car Wash in Kentucky and Indiana, adding two sites in Louisville, KY and one in Clarksville, IN. The deal expands Zips' footprint in the Louisville area and marks the company's first operation in Indiana, bringing Blue Iguana's local team into Zips' operations.

Atlanta-based Mammoth Holdings LLC acquired FLCW, LLC d/b/a Finish Line Car Wash, an eight-unit express conveyor carwash operator headquartered in Paducah, Kentucky. Finish Line founders Nancy Bergfield and Chris Presswood rolled a significant portion of their proceeds into Mammoth and will take ongoing roles; equity for the deal was provided by Red Dog Equity (in partnership with Tom Pritzker family interests/advised by The Pritzker Organization) and debt financing was provided by Monroe Capital.

Incline Equity Partners’ portfolio company Continental Batteries has acquired Metroplex Battery and Ellis Battery, two aftermarket battery distributors serving automotive, commercial, golf and marine markets. These add-on acquisitions are part of Continental’s rapid roll-up strategy, marking its eighth acquisition in nine months and expanding the platform to roughly fifty branches across fifteen states.

Tailwind Capital, a New York-based middle market private equity firm, announced the acquisition of RANDYS Worldwide Automotive, a designer and asset-light supplier of engineered drivetrain products for the automotive aftermarket. Tailwind said it will partner with RANDYS' management to leverage the company's brands and customer loyalty to grow the business through new product lines and channels.

Truck Hero, Inc. acquired Backrack, LLC, a North American manufacturer of heavy-duty truck racks, on April 30, 2019. The acquisition expands Truck Hero's aftermarket truck accessory product offering and brings Backrack's cab-protection rack products and management team (led by Mike Cunningham) into Truck Hero's portfolio; terms were not disclosed.

Lear Corporation completed the acquisition of Seattle-based Xevo Inc., a provider of connected-car software, in April 2019. The deal strengthens Lear's software, services, and data analytics capabilities for in-vehicle connectivity and commerce; Xevo employs roughly 300 people, primarily in Seattle and Tokyo.

Truck-Lite, Co., LLC has acquired Lumitec LLC, a designer and manufacturer of extreme-environment LED lighting and lighting control systems for marine, off-highway and specialty vehicle OEM and aftermarket customers. Brown Gibbons Lang & Company served as exclusive financial advisor to Lumitec; terms were not disclosed. The acquisition expands Truck-Lite’s product and OEM capabilities in marine and specialty vehicle lighting.

Daystar Products, a Phoenix-based automotive aftermarket parts manufacturer backed by private equity sponsor Dubin Clark, has acquired Tuff Country, an off-road suspension and accessories maker. Midwest Mezzanine provided subordinated debt and equity to support Dubin Clark and Daystar in the add-on acquisition, and Daystar said it is actively seeking further add-on investments in the automotive aftermarket sector.

Daimler Trucks (via Daimler Trucks and Buses Holding Inc., a subsidiary of Daimler AG) agreed to acquire a majority stake in Torc Robotics to accelerate commercialization of SAE Level 4 automated trucks. Torc will remain a separate entity in Blacksburg, Virginia, continue developing its Asimov self-driving software and work closely with Daimler's R&D teams in Portland and globally.

SCA Performance, a portfolio company of Kinderhook Industries, has acquired Rocky Mountain Truckworks, an OEM-authorized specialty vehicle manufacturer based in Fort Collins, Colorado. Financial terms were not disclosed; RMT shareholders rolled a portion of proceeds into SCA, Preston Hess remains involved as General Manager, and SCA opened a Fort Collins facility to serve Western U.S. production needs.

Kinderhook Industries acquired RR Manufacturing, LLC and Rocky Ridge Transportation, LLC (together, Rocky Ridge), an OEM-authorized specialty vehicle manufacturer based in Franklin Springs, Georgia. Kinderhook plans to expand Rocky Ridge's product offerings, production and sales capabilities; financial terms were not disclosed and Rocky Ridge's CEO Burl Outlaw remains an ongoing equity investor.

Bestop, a portfolio company of Kinderhook Industries, acquired Bull Accessories, LLC (BullRing), a designer, manufacturer and distributor of patented tie-down anchors and ratchet straps for light-duty pickup trucks. The deal is Bestop's fifth add‑on acquisition (Kinderhook's 68th automotive-related transaction); financial terms were not disclosed and BullRing's operations will be overseen by PRP Seats' CEO Aaron Wedeking.

An investor group led by Wafra Inc., Audrose Partners and Fireside Investments launched National Express Wash and completed the platform's first acquisition of El Car Wash, a Miami-based express car wash operator. The transaction establishes a multi-location express car wash platform focused on acquiring sites with attractive real estate and expanding throughout South Florida and other North American markets.

TrueCar, Inc. purchased a 20% minority stake in Accu-Trade, a VIN-specific vehicle appraisal technology provider, to power its TrueCar Trade platform. The investment integrates Accu-Trade’s real-time, mobile-first valuation and guaranteed offer capabilities into TrueCar’s dealer and consumer-facing workflows to expand vehicle trade-in transparency and dealer acquisition efficiency.

DexKo Global, through its Australian subsidiary AL-KO International Pty Ltd, has signed an agreement to acquire Preston Chassis Industries Pty Ltd (PCI), a long-established Australian caravan chassis manufacturer based in Campbellfield, Victoria. The founders sought a strategic buyer ahead of retirement; financial terms were not disclosed and the transaction is subject to customary conditions and regulatory approval.

Caliber Collision Centers and Abra Auto Body Repair of America closed a merger to combine their operations under the Caliber brand, creating a national collision-repair platform serving customers and insurance clients across 37 states and the District of Columbia. Private equity firm Hellman & Friedman will be the majority shareholder of the combined company, while OMERS and Leonard Green & Partners remain minority investors; terms were not disclosed.

Westbridge Capital Ltd., a private equity management company, has acquired KAVIA Auto Body, Inc., a leading collision- and auto-body repair provider based in Saskatoon, Saskatchewan. Raj Kavia, the retiring owner and president, will remain involved as chairman while Westbridge signals this purchase is the first of several planned transactions in the collision-repair industry vertical.

Huron Capital’s auction and remarketing platform, XLerate Group, has acquired Morton Auto Auction from the Krupa family in an add-on deal that expands XLerate’s Midwest footprint. Morton Auto Auction — founded in 1978 and employing over 100 full- and part-time staff — will remain led by existing operators while gaining XLerate’s digital and operational resources to drive additional volume.

Huron Capital’s XLerate Group acquired Southeastern Auto Auction (SEAA), adding the Savannah, Georgia auction to its nationwide remarketing platform as an add-on acquisition. The deal expands XLerate’s footprint in the South Carolina/Georgia/Florida corridor and SEAA will be operated by Bill McCready as general manager under the XLerate platform.

Osram has acquired Ring Automotive Ltd, the British aftermarket specialist in automotive lighting, electronics and accessories, from private equity owner Rubicon Partners. The deal adds Ring's product portfolio and distribution network to Osram's automotive offering and provides Ring access to Osram's US and broader international channels.