CENTRIC PARTS AND AP EMISSIONS TECHNOLOGIES HAVE COMBINED TO FORM APC AUTOMOTIVE TECHNOLOGIES
Birmingham, Michigan – June 7, 2017 – Angle Advisors is pleased to announce that AP Emissions Technologies (“AP”) and Centric Parts (“Centric”) have combined to form APC Automotive Technologies (“APC”). Angle Advisors acted as investment banking advisor to Centric in this transaction. With this transaction, Angle Advisors has completed 31 aftermarket transactions since 2009.
Based in City of Industry, California, Centric is one of North America’s leading suppliers of aftermarket brake and chassis components for passenger vehicles, light and medium duty trucks, fleet vehicles, high performance vehicles and race cars under the Centric®, C-Tek®, Posi Quiet®, Fleet Performance and StopTech® brands. With an unparalleled level of research and development in North America and an exceptional depth and breadth of products across makes and models, Centric is an industry leader in brake and chassis technology innovation, brand reputation, cataloguing, and part availability.
“This event is truly transformational for AP and Centric and will provide one of the broadest undercar offerings in the market. We look forward to accelerating our growth and providing a true one-stop-shop experience for our customers,” said Dan Lelchuk, President of Centric. “Further, we would like to thank Angle Advisors for their hard work and relentless support of our management team through this transaction. The principals from Angle have been integral to Centric’s positive and productive growth throughout the past 8-years. Angle’s unique knowledge of the aftermarket, and their candid advice throughout both this process and the one that came before, evidences the best of the best in client advisor relationships and long-term success.”
“The combined APC platform creates an outstanding foundation for continued growth by leveraging the strengths of both businesses. While never losing focus on core customers and markets, this merger creates the opportunity for further acquisitions in the undercar aftermarket to provide a comprehensive and expanding product offering to the industry. I am looking forward to working with Dan and the rest of the talented Centric team to continue delivering exceptional service to our customers,” added Hugh Charvat, CEO of APC.
Harvest Partners (“Harvest”), a leading private equity firm with experience in the automotive aftermarket industry, will provide equity capital, in partnership with Audax Private Equity (“Audax”), an existing investor in both AP and Centric, and management to fund the combination.
Founded in 1927, AP Emissions Technologies has become one of the leading manufacturers and suppliers of automotive, light truck and heavy duty exhaust and emissions products under the AP®, ANSA®, Cherry Bomb®, TruckEx®, Xlerator® and Silverline® brands, among others. With roots that reach back to the very beginnings of the automotive exhaust system business, AP continues to provide the highest quality mufflers, exhaust pipes and catalytic converters to commercial customers and auto service professionals. Utilizing nearly half-a-million square feet of manufacturing area, AP engineers design, fit and test products to exacting standards, using the latest technologies and state-of-the-art processes. With numerous patented designs, AP continues to innovate exhaust and emissions products that offer improved performance and extended service life. For additional information, please visit www.apexhaust.com.
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4 billion in 104 platform and 572 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has over $11 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For additional information, please visit www.audaxgroup.com.
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that pursues management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services, consumer, healthcare services, and industrial sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For additional information, please visit www.harvestpartners.com.
Angle Advisors, with offices in the United States, Germany, the United Kingdom, and China, specializes in mergers and acquisitions with a particular emphasis on the vehicular and industrial sectors. The firm's 36 professionals have completed 174 M&A transactions since the beginning of 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.