Automotive Acquisitions in Tennessee

Victor Capital Partners completed the acquisition of The Coats Company from Vontier Corporation in an all-cash divestiture that closed January 8, 2024 for $72.5 million. Coats, headquartered in La Vergne, Tennessee, is a 75-year-old manufacturer and distributor of wheel service, alignment, lift and inspection equipment with projected 2023 revenue of approximately $110 million and EBITDA of about $10 million; Victor Capital said it will invest to expand the product portfolio and national service offering.

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.

LUXIT Group, a portfolio company of New Water Capital, acquired Proper Group International's Pulaski, Tennessee manufacturing operation — an 88,000 sq ft facility employing 140 people that produces polymer automotive lighting products. The acquisition expands LUXIT's U.S. manufacturing footprint and capabilities (injection molding, anti-fog/hard coating, assembly) to support growth, vertical integration, and improved service to OEM and Tier 1 customers.

AGS Automotive Solutions, a portfolio company of private equity firm 3 Rivers Capital, has acquired BrakeQuip LLC, a manufacturer of DIY hose and tube systems for automotive applications. The deal is an add-on acquisition that expands AGS's aftermarket product offering and adds OEM/high-performance customers, engineering capabilities and hose manufacturing expertise.

Driven Brands Holdings Inc. acquired Auto Glass Fitters to bolster its U.S. auto glass repair, replacement, and calibration capabilities, expanding its East Coast footprint and mobile service capacity. The deal further densifies Driven Brands' glass portfolio and provides Auto Glass Fitters access to shared services including data analytics, marketing, procurement, and insurance/fleet customer relationships.

3M acquired the technology assets of LeanTec, a provider of digital inventory management solutions for the automotive aftermarket, to enhance its RepairStack Performance Solutions and advance its "connected bodyshop" capabilities. The deal adds inventory management, automated replenishment and performance analytics to 3M's digital offerings for auto body shops in the United States and Canada.

Vehicle Accessories, Inc. (VAI), a portfolio company of Kinderhook Industries, acquired Remington Global, a manufacturer of floor protection products for automotive OEMs. The acquisition is VAI's sixth add-on and is intended to expand VAI's floor mat and floor protection offering, leverage Remington's OEM relationships, and create cross-selling opportunities across product categories and customers.

TSG Consumer Partners has signed a definitive agreement to acquire a majority stake in Rough Country from Gridiron Capital; financial terms were not disclosed. Gridiron and Rough Country management will remain significant investors and the company will continue to be led by its current management team as TSG looks to expand the brand's digital presence, product innovation and distribution.

Atlanta-based Mammoth Holdings announced it has acquired PureMagic Carwash, a seven-unit express conveyor car wash operator in the greater Knoxville, Tennessee market. PureMagic founders Jim and Teri Rooney reinvested a meaningful portion of their proceeds into Mammoth equity; the deal was advised on the sell-side by Amplify Car Wash Advisors and Mammoth is backed by Red Dog Equity LLC.

A&L RV Sales has acquired Smallwoods Camper & Trailer Sales in Jackson, Tennessee, marking the third new location added by A&L within 12 months and bringing the group's total to seven locations. The acquired business had served RV customers for over 34 years and was a family-run dealership; the acquisition expands A&L's retail footprint in Tennessee.

LMP Automotive Holdings, Inc. (NASDAQ: LMPX) has closed the acquisition of Bachman-Bernard Chevrolet-Buick-GMC-Cadillac and the associated real estate located at 3365 E Andrew Johnson Hwy in Greeneville, Tennessee. The deal, which includes Chevrolet, Buick, GMC and Cadillac franchises, is part of LMP's Stage One consolidation plan to expand its dealership network and expected EBITDA contribution.

Industrial Opportunity Partners (IOP) has acquired Competition Cams, Inc. (COMP Cams), a Memphis-based manufacturer and distributor of high-performance camshaft and valvetrain components. The deal is an add-on to IOP's automotive aftermarket platform that includes portfolio company Edelbrock; terms were not disclosed and financing was provided by PNC Bank, Freeport Financial Partners and Norwest Mezzanine Partners.

Chongqing Boao Industrial Co., Ltd acquired the interior lighting business of Federal‑Mogul Corporation in a divestiture announced January 2018. The business — based in Sparta, Tennessee with a technical center in Ann Arbor, Michigan — manufactures interior lighting assemblies and components (overhead lamps, door/floor lamps, LED ambient lighting, trunk/under‑hood lamps) sold to light‑vehicle OEMs and Tier‑1 suppliers.

BBB Industries, a U.S. remanufacturer of replacement alternators and starters, has acquired certain assets of Garner Automotive Products, which operates locations in Memphis and Lexington, Tennessee. The transaction — terms not disclosed — brings Garner's president Chris Garner into BBB as vice president of sales (special markets) and is intended to expand BBB's national footprint and market leadership.