MEVOTECH L.P. HAS RECEIVED AN INVESTMENT FROM PENFUND CAPITAL
Birmingham, Michigan – April 17, 2014 – Angle Advisors is pleased to announce that Mevotech L.P. (“Mevotech” or the “Company”) has received an investment from Penfund Capital (“Penfund”) to help support the Company’s growth. Angle Advisors acted as the exclusive investment banking advisor to Mevotech in completing this transaction.
Based in Toronto, Ontario, Canada, Mevotech is a leading supplier of high quality steering, suspension, and driveline replacement products, including control arms, chassis parts, lateral links, hub assemblies, and bearings. Founded in 1982, the Company has developed a reputation for innovation and quality across several well-known brands including Supreme Chassis Parts, X-Factor, and Terrain Tough-TTX.
Ezer Mevorach, Chief Executive Officer of Mevotech, commented, “We are thrilled with our partnership with Penfund as their investment will help us to continue to execute our growth initiatives in better serving our customers. The Penfund team brings a highly successful track record growing businesses along with deep experience in the aftermarket industry.” He continued, “I’d also like to thank the team at Angle Advisors who helped us find an excellent partner with the ideal characteristics for our partnership. Their industry knowledge was instrumental in the deal and we are delighted with the outcome of Angle’s process.”
”Penfund has a long history of investing with entrepreneurs seeking to grow their businesses,” commented Jeremy Thompson, a Partner at Penfund. “Mevotech has developed a strong market position and has an outstanding reputation for innovation, quality, engineering, and timely delivery, as recognized by several customer and industry awards. We are confident the Company’s proven management team will be great partners as Mevotech is taken to the next level. We look forward to supporting Mevotech as it pursues compelling growth opportunities.”
Penfund is a leading Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides second lien, high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies, family offices and banks and has invested more than $2.5 billion in over 220 companies since its establishment in 1979. For additional information, please visit www.penfund.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 34 professionals have completed 107 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.