Audax Private Equity (“Audax”) today announced that it has acquired a majority stake in Covercraft Industries, a leading manufacturer of custom vehicle protection products, from Century Park Capital Partners. Terms of the transaction were not disclosed.
Based in Pauls Valley, Oklahoma, Covercraft is a leading branded manufacturer of custom vehicle protection products including automotive covers, seat covers, front end masks, dashboard covers, window sunscreens, RV covers, boat covers, bimini tops, and other products that “protect the things that move you”. The company focuses on custom-fitted covers with a library that includes more than 300,000 patterns for distinct automotive, marine, RV, and outdoor protection products.
“We are terrifically excited to be part of the Audax family and look forward to benefiting from their established history within the vehicle aftermarket sector,” said Matt Jordan, Chief Executive Officer of Covercraft. “We believe that this partnership will enable us to continue growing our customer base and product portfolio while retaining our core values of integrity, innovation, and quality.”
“Covercraft introduced the first custom fit car cover more than 55 years ago and is a long-standing leader in the vehicle protection accessories market,” said Jay Mitchell, Managing Director of Audax. “We look forward to partnering with and supporting the company’s highly experienced management team. We believe that they are well-positioned to execute on organic growth opportunities and complete strategic acquisitions.”
Stifel, Nicolaus & Company, Incorporated acted as financial advisor and Winston & Strawn LLP served as legal counsel to Covercraft. Ropes & Gray LLP served as legal counsel to Audax.