M&A Deal Summary

Audax Private Equity Acquires Covercraft

On August 23, 2021, private equity firm Audax Private Equity acquired automotive company Covercraft from Century Park Capital Partners and PNC Erieview Capital

Acquisition Highlights
  • This is Audax Private Equity’s 7th transaction in the Automotive sector.
  • This is Audax Private Equity’s 133rd transaction in the United States.
  • This is Audax Private Equity’s 1st transaction in Oklahoma.

M&A Deal Summary

Date 2021-08-23
Target Covercraft
Sector Automotive
Buyer(s) Audax Private Equity
Sellers(s) Century Park Capital Partners
PNC Erieview Capital
Deal Type Secondary Buyout
Advisor(s) Stifel, Nicolaus & Co., Inc. (Financial)
Winston & Strawn (Legal)

Target

Covercraft

Pauls Valley, Oklahoma, United States
website
Covercraft is a manufacturer of custom-patterned vehicle covers, with a library that includes more than 80,000 distinct automotive patterns. Additional product lines include custom front and rear seat protectors, front-end masks, dashboard covers, floor mats, window heat shields, and pet protection products, among others. Covercraft was founded in 1965 and is based in Pauls Valley, Oklahoma.

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Buyer(S) 1

Buyer

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 16.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 138 of 153
Sector (Automotive) 7 of 8
Type (Secondary Buyout) 61 of 71
State (Oklahoma) 1 of 1
Country (United States) 133 of 145
Year (2021) 7 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-04 Team Cymru

Lake Mary, Florida, United States

Team Cymru saves and improves lives by working with security teams around the world, enabling them to track and disrupt the most advanced bad actors and malevolent infrastructures. The company delivers comprehensive visibility into global cyber threats and is the key source of intelligence for many cyber security and threat intelligence vendors. Enterprise security teams rely on our Pure Signal platform to close detection gaps, accelerate incident response, and detect threats and vulnerabilities across entire enterprises and third-party ecosystems. Its Community Services division provides no-cost threat detection, DDoS mitigation, and threat intelligence to network operators, hosting providers, and more than 140 CSIRT teams across 86+ countries. Team Cymru was formed in 2005 and is based in Lake Mary, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-20 GCX

Petaluma, California, United States

GCX is a global designer and manufacturer of healthcare-focused mounting and mobility solutions with offices in North America, Europe, Japan, and Taiwan. GCX’s products are engineered for reliability and quality, and include wall mounts, roll stands, carts, and a variety of mounting accessories. It partners with medical device OEMs and hospitals to create products that enable caregivers to deliver the highest quality of patient care. GCX was founded in 1971 and is based in Petaluma, California.

Buy -

Seller(S) 2

SELLER

Century Park Capital Partners

El Segundo, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 1.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Century Park Capital Partners (CPCP) is a private equity firm that partners with owners and managers to build companies. The Firm targets businesses generating sales of $20 to $100 million and EBITDA of $3 to $15 million. Century Park Capital specializes in facilitating owner liquidity and business expansion through minority and majority recapitalizations, growth financings, management led buyouts, and acquisition financings. CPCP looks to invest $10 to $40 million per transaction. Areas of interest include consumer products, food, education, business services, test/measurement equipment, medical components, pet supplies, packaging, automotive, chemicals, and third party logistics. CPCP was formed in 2000 and is based in Los Angeles with an additional office in Menlo Park, California.


DEAL STATS #
Overall 15 of 15
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 9 of 9
State (Oklahoma) 1 of 1
Country (United States) 15 of 15
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-05 CJ Pony Parts

Harrisburg, Pennsylvania, United States

CJ Pony Parts is an e-commerce platform that sells restoration and performance parts to auto enthusiasts around the world. The Company is the number one player in the Classic Mustang aftermarket, with a broad product assortment of over 65K SKUs. In addition, CJ Pony Parts has developed an industry-leading library of online educational content for its customers. CJ Pony Parts was founded in 1985 and is based in Harrisburg, Pennsylvania.

Buy -
DESCRIPTION

PNC Erieview Capital is a provider equity and junior capital to middle-market companies throughout the US and Canada. The Firm looks to support private equity sponsor-led buyouts and recapitalizations, non-sponsored buyouts, family office buyouts, and growth equity needs. PNC Erieview typically works with profitable companies (EBITDA greater than $5 million) valued from $20 to $250 million. Areas of interest include distribution, consumer products, healthcare, manufacturing, and services. The Firm was originally known as National City Equity Partners and was established in 1979. PNC Erieview Capital is based in Cleveland, Ohio.


DEAL STATS #
Overall 9 of 14
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 6 of 7
State (Oklahoma) 1 of 1
Country (United States) 9 of 14
Year (2021) 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-17 Helix Traffic

Christiana, Tennessee, United States

Helix Traffic is a provider of traffic control services and traffic control devices to private and public entities with service offerings that include flagging, installation and maintenance of work zones, installation of temporary and permanent signage, and other related traffic management services. Helix Traffic is based in Christiana, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 Northstar Recycling

East Longmeadow, Massachusetts, United States

Northstar Recycling is an asset-light provider of sustainability-oriented managed waste and recycling solutions to food, consumer packaged goods, and other industrial clients. Northstar Recycling helps its customers recycle more and landfill less by diverting organic and other waste streams from landfills into a variety of beneficial reuse applications with the support of its robust network of recycling outlet partners. Northstar Recycling was founded in 1896 and is based in East Longmeadow, Massachusetts.

Buy -