Automotive Acquisitions in Iowa

Thirty31 Partners, a Huxley, Iowa-based private equity firm, has acquired Jerry Carney & Sons, Inc., a family-owned auto parts and vehicle recycling business headquartered in Ames, Iowa. The company will continue operating under its existing brand and management while Thirty31 provides capital and operational support to drive growth in the automotive aftermarket and recycling sectors; 1st National Bank of Ames supported the transaction.

Performance Brokerage Services announced the sale of McGrath Dubuque Harley-Davidson in Dubuque, Iowa from Mike and Pat McGrath to lifelong riders and dealership owners John Jennerjohn and Brody Meier (owners/operators of Iron Hill Harley-Davidson). The dealership will be renamed Key City Harley-Davidson and remain at its current 145 North Crescent Ridge location, expanding the buyers' regional presence.

GreatWater 360 Auto Care has acquired Cars, Trucks & Vans, a long-standing full-service auto repair shop in Davenport, Iowa. The shop will continue operating under its existing name and team while joining GreatWater's network to support the location with upgraded tools, training, and operational resources to deepen the company's presence in Iowa.

Sky Auto Mall (owned by Yelena and Alex Tovstanovsky) acquired Van Horn Ford and Van Horn Chevrolet in Newhall, Iowa from Van Horn Automotive Group. The transaction is a divestiture that lets Van Horn Automotive Group reinvest and focus growth on its Wisconsin platform while Sky Auto Mall expands its franchise footprint in Iowa.

The Shyft Group, a publicly traded specialty vehicle manufacturer, acquired Independent Truck Upfitters (ITU), a Midwest-based service body and work truck upfitter operating locations in Iowa, Michigan, and Missouri. The acquisition expands Shyft's specialty vehicle product portfolio and upfitting capabilities, enabling entry into larger-class vehicle upfits and broader service offerings for utility, construction, and fleet customers.

Sun Line, Inc., a Cedar Rapids, Iowa-based auto salvage and used-parts business founded in 1965, was sold to local buyer Roger Cassill with the transaction closing on October 1, 2021. The sale enabled owners Gary and Caroline Wendel and Bruce Chase to retire/exit and transfers operating control to a local operator familiar with the business.

AEA Investors’ Small Business Fund has recapitalized National Carwash Solutions (NCS), a leading service and systems provider to the North American car wash industry. The transaction provides liquidity to former sponsor Trivest Partners and positions NCS to pursue its growth plan with backing from AEA.