Automotive Acquisitions in 2023

Salt Creek Capital, a San Francisco Bay Area private equity firm, has acquired Vantage Vehicle International, Inc., a Corona, California-based manufacturer of low-speed utility vehicles (primarily electric). Founder Michael Pak is retiring as President & CEO and will remain as an investor and advisor while Salt Creek installs incoming CEO Drew Lieberman to lead growth and expand the dealer network.

Classic Collision, a national multi-site auto body repair operator based in Atlanta, has acquired Crash Depot, a family-owned collision repair shop in Auburndale, Florida. The acquisition expands Classic Collision’s footprint in Florida and adds another repair location to its network of facilities.

Houston-based LAPIS, led by founder Todd Blue, acquired Mercedes‑Benz of Northern Arizona (formerly Mercedes‑Benz of Flagstaff) on December 19, 2023. The purchase includes the dealership real estate and the Mercedes‑Benz franchise; Mr. Blue will serve as Dealer Principal as LAPIS expands its luxury automotive retail presence in Northern Arizona.

Mammoth Holdings LLC, an express car wash platform headquartered in Dallas, acquired Galaxies Express Car Wash, an operator of two express conveyor car wash locations in Killeen, Texas. The acquisition is an add-on to Mammoth's platform as part of its national expansion strategy and furthers its footprint in the Texas market.

Audax Private Equity has made a growth investment in Dobbs Tire & Auto Centers, a St. Louis-based tire retailer and automotive aftermarket service provider with 43 stores and more than 650 employees across Missouri and Illinois. Audax will support Dobbs' organic growth as well as greenfield expansion and M&A as part of a buy-and-build strategy; terms were not disclosed.

Mammoth Holdings LLC acquired Today's Car Wash, a developer and operator of seven express conveyor car wash locations in Killeen, Texas (with an eighth under construction). The deal is an add-on to Mammoth's national car wash platform as part of its expansion into the Texas market and larger "drive-to-five" growth plan.

Blackboxstocks, Inc. (NASDAQ: BLBX) signed a definitive agreement to acquire UK-based Evtec Aluminium Limited, with the deal expected to close in Q1 2024. Evtec projects approximately $52 million in revenue for fiscal year ending June 30, 2024, has a large order book (~$778 million) and supplies proprietary components to OEMs including Jaguar Land Rover; Blackbox will hold 26.7% of the combined company post-merger and has already acquired a 13% stake in sister company Evtec Automotive with plans to acquire the remainder in parallel.

VSS Group, a Kinderhook-backed provider of automotive protection products and services, has acquired Cilajet, a Gardena, California-based maker of aviation-grade interior and exterior appearance protection products for automotive and RV dealerships. The deal is an add-on to VSS Group's platform (its sixth since partnering with Kinderhook) and is intended to expand product offerings, distribution channels, and dealer-facing bundles; financial terms were not disclosed.

Fremont Private Holdings (the Bechtel family office's private investment arm) and Hunter Truck CEO Jeff Hunter have acquired Hunter Truck from various Hunter family members. The transaction keeps Jeff Hunter as CEO and positions the business for organic growth and add-on acquisitions across its 19-location commercial truck dealership network in Pennsylvania, New York, West Virginia, and New Jersey.

American Industrial Partners Capital Fund VII (AIP Fund VII) has acquired Veoneer’s Restraint Control Systems business from SSW Partners LP. The transaction, announced December 6, 2023 and completed March 1, 2024, completes the disposition of Veoneer’s original business lines and provides a standalone platform for long-term growth under AIP ownership.

Ed Morse Automotive Group has acquired Thomas Motors in Moberly, Missouri from owner Don Thomas; the location will be rebranded as Ed Morse Chevrolet Buick GMC. The acquisition adds roughly 20 employees, marks the company's 100th franchise and expands Ed Morse's presence in Missouri to nine dealerships (48 locations overall).

Straightaway Tire & Auto, a multi-location aftermarket automotive repair platform backed by O2 Investment Partners, has completed add-on acquisitions of Accurate Auto & Tire Service (Maple Grove, MN) and Wayne's Automotive (Grand Rapids, MN). The deals expand Straightaway's presence in Minnesota and will leverage platform resources to drive localized growth; terms were not disclosed.

Auveco, a leading provider of automotive fasteners and body hardware, has acquired ClipLizard Systems, a Spencer, Indiana–based supplier of specialty clips, fasteners and a licensed inventory management software for PBE distributors. The acquisition, completed November 1, 2023, expands Auveco’s presence in the Collision and Paint, Body, and Equipment (PBE) markets and adds new product and technology capabilities for its distribution partners.

Lazydays (Nasdaq: LAZY) has acquired Orangewood RV Center in Surprise, Arizona, renaming the location "Lazydays RV of Phoenix at Arrowhead." The store is the company's 24th location, is expected to generate approximately $40 million in annualized revenue, and the seller was Mark Treacy; the acquisition strengthens Lazydays' presence in the Western U.S.

Greenbriar Equity Group completed a growth recapitalization of VIVE Collision in partnership with VIVE management and Garnett Station Partners; financial terms were not disclosed. The investment will fund VIVE's organic growth and M&A strategy as the multi-site collision repair operator expands across the Northeastern United States.

Ron Hoover RV & Marine Centers, a family-owned Texas dealership group, acquired Master Marine and Outdoor Living RV — two adjacent dealerships in San Antonio, Texas — from owner George Noyes. The acquisition expands Ron Hoover's footprint in Texas and preserves the dealerships' existing locations and operations.

El Car Wash, a Miami-based car wash operator backed by Warburg Pincus, acquired two Ultimate Express Car Wash locations in Naples and Fort Myers, accelerating its expansion onto Florida's west coast. The deal adds to El Car Wash's multi-location platform and membership program as the company integrates the sites and upgrades them under the El Car Wash brand.

The Mufflerman Inc., a portfolio company of Argyle Capital Partners, acquired five EuroMechanic-branded automotive repair and tire locations in the Greater Toronto Area and Guelph from Carflex, Inc. The deal, which closed on November 3, 2023, expands The Mufflerman's multi-brand network and adds niche European-vehicle repair capability while EuroMechanic will continue to operate as a distinct division.

Camping World Holdings, Inc. announced it will acquire Youngblood RV in Springfield, Missouri, with the transaction expected to close in the first quarter of 2024. The acquisition adds 16 service bays and manufacturer lines (Grand Design and Forest River) and increases Camping World's Missouri dealership count to six as part of its broader store expansion plan.

Baltimore Potomac Truck Centers has acquired TMI Truck & Equipment (Tidewater Mack, Inc.), adding two dealerships in Chesapeake and Norfolk, Virginia. The deal, completed Nov. 13, 2023, expands Baltimore Potomac's footprint in Tidewater Virginia and brings additional OEM franchises (including Isuzu) and trailer lines into its portfolio.

TI Fluid Systems has acquired Cascade Engineering Europe (CEE), the Budapest‑based plastics and thermal fluid connector business, from Cascade Engineering, Inc. CEE — a designer and manufacturer of complex injection‑molded automotive thermal fluid connectors with ~300 employees — will be integrated into TI Fluid Systems to expand its thermal connector capabilities and support growth in electric vehicle applications. Angle Advisors acted as exclusive M&A advisor to Cascade Engineering in the transaction.

Collision Auto Parts LLC (COL), a Palladium Heritage–backed value-added distributor of aftermarket collision repair parts, acquired LC Automotive, Inc. (dba Eco Automotive Distributors, “ECO”), a regional distributor founded in 1985 and headquartered in Rohnert Park, California. The add-on expands COL’s presence in Northern California and is the first bolt-on since COLL’s partnership with Palladium Heritage in June 2023.

Fenix Parent LLC (operating as Fenix Parts), a Stellex-backed auto recycling and OEM parts reseller, completed its acquisition of the assets of Brothers Auto Parts in Indianapolis, Indiana. The deal expands Fenix's Midwest footprint (bringing the company to 24 full-service locations) and provides additional regional distribution and logistics access.

Quality Collision Group (QCG), a PE-backed consolidator of OEM-certified collision repair centers, has acquired three Relentless Collision locations operating in Raleigh, Cary and Durham, North Carolina. Relentless founder Todd McGowan will join QCG as Chief Development Officer as the shops are integrated into QCG's platform to expand its OEM-certified footprint and EV repair capabilities in the Triangle.

Lazydays (Nasdaq: LAZY) has acquired RVzz, an RV dealership in St. George, Utah, rebranding it as Lazydays RV of St. George. The acquisition expands Lazydays' retail footprint to 23 locations, strengthens its presence in the Southwest, and is expected to contribute approximately $35 million in annualized revenue; the seller was Rick Loghry.

Charger Investment Partners’ portfolio company, The Aeromotive Group, has merged with Illinois-based Roadster Shop to combine aftermarket chassis, suspension and custom-build capabilities with The Aeromotive Group's portfolio of performance brands. Financial terms were not disclosed; Roadster Shop co-founders Jeremy and Phil Gerber will remain involved as the combined business pursues product innovation and accelerated growth backed by Charger’s capital and operational support.

Cloyes Gear & Products, a MidOcean-backed automotive aftermarket platform, has acquired Rotomaster, a global turbocharger and components specialist headquartered in British Columbia, Canada. Terms were not disclosed; the deal expands Cloyes' product portfolio and increases its vehicles-in-operation (VIO) coverage and aftermarket capabilities.

MPE Partners announced that its newly formed Appearance Technology Group (ATG) has acquired RBL Products and Kwik Paint Products. The add-on expands ATG's branded portfolio of vehicle detailing, masking and paint-preparation consumables, and was completed in partnership with RBL's founder Ron Lipson and management.

Camping World Holdings, Inc. announced it will acquire Travelcamp RV, adding 12 dealership locations across Florida, Georgia, North Carolina, South Carolina and Texas. The locations are expected to transition to Camping World within 90 days, expanding the company's footprint and inventory of Thor and Forest River products as part of its plan to grow dealership count to over 320 locations.

Safelite Fulfillment, Inc. (d/b/a Safelite AutoGlass), a subsidiary of Belron, acquired the automotive division of family-owned Sun Glass, LLC. The acquisition expands Safelite’s service footprint and capabilities — including calibration services — in New Mexico and Colorado.

Caliber Collision has acquired Auto Body Innovations, Inc. (ABI), a two-location auto body and collision repair operator with sites in Upper Marlboro and Owings, Maryland. FOCUS Investment Banking represented ABI owners Keith and Kevin Dick in the sale; the deal expands Caliber's national footprint in the collision repair market.

Pittsburgh-based automotive retailer #1 Cochran has acquired the Flynn Automotive Group, adding four dealerships (two in Boardman, one in East Liverpool and one in Columbiana) and a collision center. Most of Flynn Group’s approximately 225 employees are joining #1 Cochran, expanding the buyer’s footprint in eastern Ohio and increasing its store count and brand offerings in the Boardman/Youngstown market.

Dealer Services Network (DSN), a Frontenac-backed, tech-enabled title and registration services platform, has acquired Terry's Tag and Title Service, LLC, expanding DSN's footprint into Maryland. The acquisition adds five Maryland locations and brings DSN to 32 locations across seven states.

ALP Overseas' U.S. subsidiary ALP USA Inc has acquired SoffSeal, Inc., a U.S.-based manufacturer of rubber weatherstripping and molded auto parts. The acquisition strengthens ALP Group's manufacturing and distribution footprint in the United States and supports expanded supply and exports of SoffSeal products into other geographies.

Classic Industries has acquired Parts Unlimited Interiors (PUI) from Restoration Parts Unlimited, Inc. and its private equity owner Dubin Clark; Prestwick served as exclusive advisor to the sellers. Terms were not disclosed. PUI, headquartered in La Grange, Kentucky, is a manufacturer of aftermarket automotive interior soft goods (seat upholstery, door panels, window felts) serving classic GM, Mopar and Ford applications.

Warren Henry Auto Group has acquired Niles Sales and Service in Key West and will expand its Keys Auto Center (KAC) offering to include five additional brands, bringing KAC to 13 brands in the Lower Keys. The acquired dealership will continue operating at its current location while KAC undergoes renovations and staffing is increased to support expanded operations.

Classic Collision, a national multi-site collision repair operator headquartered in Atlanta, acquired Elite Auto Body Group, a six-location MSO in the Tidewater region of Virginia. The acquisition brings Classic Collision into the Virginia market and expands its network of repair centers, while former owner Chris Bucci transitions the Elite locations into the Classic Collision platform.

Cerberus Capital Management has acquired Stanadyne LLC and led an investor group that provided a $35 million capital infusion to strengthen the company's balance sheet. Stanadyne, a global designer, manufacturer and remanufacturer of engine fuel and air management systems, will use the capital and Cerberus' backing to invest in engine innovation, expand capabilities, and pursue strategic growth opportunities.

Asbury Automotive Group agreed to acquire Jim Koons Automotive Companies, a Mid-Atlantic dealer group with 20 dealerships, 29 franchises and six collision centers that generated over $3 billion in revenue in 2022. The transaction, advised on the sell-side by Kerrigan Advisors, expands Asbury's presence in the Washington–Baltimore market and is expected to close in late 2023 or early 2024.

BF Ventures has acquired Trailer Boss, a leading trailer dealer in the Pacific Northwest that operates four dealerships. Crewe Capital served as exclusive advisor to Trailer Boss on the transaction; BF Ventures plans to grow Trailer Boss's footprint and continue offering top trailer brands and services.

Pinnacle Mergers & Acquisitions brokered the sale of four Kingsport, Tennessee car dealerships formerly owned by the estates of John King and Sam Anderson. Wallace Automotive (the Baker family) acquired the Fairway Ford and Fairway Volkswagen stores, while Andy Dietrich and Tim Copenhaver purchased Courtesy Chevrolet Buick GMC (now Champion Chevrolet Buick GMC); disposition of the Courtesy Subaru point was coordinated with Subaru.

Modine has signed a definitive agreement to sell three of its German automotive businesses (located in Neuenkirchen, Pliezhausen and Wackersdorf) to affiliates of Regent, L.P. The businesses manufacture exhaust gas recirculation (EGR) coolers, radiators and charge air cooler modules and generated combined FY2023 revenue of $80–$90 million; the sale is part of Modine's strategy to focus on higher-margin technologies and is expected to close pending regulatory approval.

AGS Automotive Solutions, a portfolio company of 3 Rivers Capital, acquired Motive Products on August 31, 2022. Motive Products is a manufacturer-distributor of auto and motorcycle tools (notably the Power Bleeder); AGS intends to leverage its manufacturing and e-commerce capabilities to expand product offerings and channels.

Castle Automotive Group has acquired Pugi Auto Group, a Downers Grove, Illinois-based dealer group, adding Hyundai, Genesis, Mazda and Volkswagen franchises and expanding Castle's presence in the greater Chicago area. The transaction increases Castle's dealership count and brings Pugi's team into Castle as Dominic Pugliani retires.

Vernon Krause, through Krause Auto Group, purchased Sutherlin Hyundai of Athens in Athens, Georgia from Sutherlin Automotive. Pinnacle Mergers & Acquisitions represented the seller; the dealership will operate as Hyundai of Athens as part of Krause's expansion in the Georgia market.

Perrin Automotive Group (the Perrin family) has acquired Sutherlin Cherokee County Nissan in Holly Springs, Georgia from Sutherlin Automotive. The deal expands Perrin's presence in the Atlanta metro area as part of its regional growth strategy.

Guaranty Chevrolet, a family-owned Chevrolet dealership in Junction City, Oregon, has been acquired by CFO Auto Group, Inc. FOCUS Investment Banking represented Guaranty Chevrolet in the sale as owner Shannon Nill retires after 42 years with the business.

Kian Capital Partners acquired Brycor, Inc., a leading Meineke Car Care Center franchisee that operates 15 locations in the Louisville, Kentucky metropolitan area, in partnership with management to establish a new platform called PARC Auto. The deal creates a multi-location Meineke franchise platform backed by Kian to pursue geographic expansion, new store openings and further acquisitions within the Driven Brands franchise system.

TREMEC, a subsidiary of Grupo KUO, acquired Electric GT, a provider of plug-and-play EV conversion systems, and will operate the business as TREMEC – Electric GT out of Electric GT's Huntington Beach, California headquarters. The deal broadens TREMEC's aftermarket and specialty-vehicle product portfolio by adding complete EV powertrain systems (batteries, motors, inverters, gearboxes and control systems) for ICE-to-BEV conversions.

Spitzer Auto World has acquired Axelrod Buick GMC in Parma, Ohio; the dealership will be renamed Spitzer Buick GMC. The Dave Cantin Group advised both parties on the transaction, which expands Spitzer's Buick and GMC brand platforms and transfers the family-owned dealership (owned by Barry Axelrod) into Spitzer's portfolio.