A56
Street Survivor
INDUSTRIAL OPPORTUNITY PARTNERS ACQUIRES COMPETITION CAMS, INC.
Evanston, Ill., February 5, 2020 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has acquired Competition Cams, Inc. (“COMP Cams” or the “Company”) as part of its IOP automotive aftermarket platform which includes current IOP portfolio company Edelbrock, LLC (“Edelbrock”). Terms of the transaction were not disclosed.
COMP Cams is a manufacturer, distributor, and marketer of high-performance automotive aftermarket products specializing in camshaft and valvetrain related components. The Company is headquartered in Memphis, Tenn. with additional manufacturing and distribution locations in Olive Branch, Miss., Ashland, Miss., and Bronson, Mich.
Don Barry, Edelbrock CEO, commented, “We are excited to join forces with the COMP Cams team. We believe that both the Edelbrock and COMP Cams brands have an excellent position in the market and a great reputation for delivering innovative, quality, high-performance products.”
Chris Douglas, COMP Cams President, added, “The COMP Cams management team and I are looking forward to our partnership with IOP and Edelbrock. We believe IOP’s operations-focused approach will assist us in optimizing all aspects of our business to support continued growth and better serve the automotive aftermarket and racing communities.”
The transaction represents the fifth platform investment for IOP’s third fund, Industrial Opportunity Partners III, L.P. Phil Fioravante, an IOP Operating Principal, will assume the position of Chairman of IOP’s automotive aftermarket platform.
The transaction’s senior debt financing was provided by PNC Bank and Freeport Financial Partners with subordinated debt financing provided by Norwest Mezzanine Partners. Winston & Strawn LLP and McDermott Will & Emery LLP provided legal representation to IOP in the transaction.
Evanston, Ill., February 5, 2020 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has acquired Competition Cams, Inc. (“COMP Cams” or the “Company”) as part of its IOP automotive aftermarket platform which includes current IOP portfolio company Edelbrock, LLC (“Edelbrock”). Terms of the transaction were not disclosed.
COMP Cams is a manufacturer, distributor, and marketer of high-performance automotive aftermarket products specializing in camshaft and valvetrain related components. The Company is headquartered in Memphis, Tenn. with additional manufacturing and distribution locations in Olive Branch, Miss., Ashland, Miss., and Bronson, Mich.
Don Barry, Edelbrock CEO, commented, “We are excited to join forces with the COMP Cams team. We believe that both the Edelbrock and COMP Cams brands have an excellent position in the market and a great reputation for delivering innovative, quality, high-performance products.”
Chris Douglas, COMP Cams President, added, “The COMP Cams management team and I are looking forward to our partnership with IOP and Edelbrock. We believe IOP’s operations-focused approach will assist us in optimizing all aspects of our business to support continued growth and better serve the automotive aftermarket and racing communities.”
The transaction represents the fifth platform investment for IOP’s third fund, Industrial Opportunity Partners III, L.P. Phil Fioravante, an IOP Operating Principal, will assume the position of Chairman of IOP’s automotive aftermarket platform.
The transaction’s senior debt financing was provided by PNC Bank and Freeport Financial Partners with subordinated debt financing provided by Norwest Mezzanine Partners. Winston & Strawn LLP and McDermott Will & Emery LLP provided legal representation to IOP in the transaction.
