MidOcean Partners Acquires Cloyes, a Leading Platform in Auto Aftermarket Products | Business

NEW YORK–(Enterprise WIRE)–Feb 22, 2022–

MidOcean Partners, a leading center current market non-public equity agency targeted on the small business products and services and shopper sectors, announced now that it has acquired Cloyes (“Cloyes” or the “Company”) from Concealed Harbor Money Associates. Cloyes is a North American leader and world wide designer, developer, company and distributor of timing travel systems and motor parts for authentic products suppliers and the automotive aftermarket, selling its goods beneath the Cloyes ® brand all over North The usa and Dynagear ® in Mexico. MidOcean Companions options to carry on the Company’s aggressive development plan through thorough natural initiatives and strategic M&A. Financial conditions of the transaction ended up not disclosed. This transaction signifies MidOcean’s 3rd new investment in the car aftermarket marketplace just after finishing investments in FullSpeed Automotive, a top automobile aftermarket solutions system with around 700 destinations bought in November 2020, and Holley Inc. (NYSE: HLLY), a major designer, marketer, and company of higher-efficiency automotive aftermarket products for vehicle and truck enthusiasts, by way of its merger in July 2021 with Empower Ltd. a publicly traded distinctive objective acquisition business fashioned by MidOcean Companions.

Cloyes was founded in 1921 and has crafted a status amid motor builders and technicians of high quality and greatest-in-course VIO (“vehicle in operation”) protection, furnishing its 300+ consumers with obtain to in excess of 2,700 SKUs. The Company’s items are mission vital factors for engine effectiveness and function utilized in significant-general performance and alternative apps. Cloyes serves a wide buyer foundation, which include wholesale distributors, nationwide and nearby vendors, re-packagers, and production engine builders.

Daniel Penn, Running Director at MidOcean, commented, “MidOcean’s investment decision in Cloyes marks the third expenditure in the automotive aftermarket area in the very last 15-months. We continue to see substantial tailwinds in the car aftermarket space, and are thrilled to provide Cloyes into the portfolio of best-in-class vehicle aftermarket items and companies MidOcean has invested guiding. Our focus in this sector has been in partnership with our MidOcean Running Partner, Marc Graham, who provides over 35 years of expertise in this sector, and we are happy to have Marc included as the Chairman of the Board heading ahead. We are also thrilled that Linda Taliaferro will be signing up for the Company’s Board, as her above 35 many years of expertise in quality and international offer chain in the automotive sector will be a incredible asset to Cloyes.”

Steven Loeffler, Principal at MidOcean, commented, “We couldn’t be additional psyched to associate with CEO John Hanighen and the Cloyes group, who are proven leaders in the automotive aftermarket place. The team at Cloyes has carried out an incredible work making its VIO coverage, continuing to create new merchandise and successful new consumers. We believe there are a lot of chances by way of both equally natural initiatives and accretive strategic acquisitions to continue this development.”

Marc Graham, MidOcean’s Functioning Lover, commented, “The Cloyes model has been synonymous with excellence in timing devices for over 100 several years, and we are thrilled to proceed that leadership going ahead. Cloyes has a greatest-in-class solution suite, complemented by entire world-class product or service advancement capabilities. On a personal be aware, I have recognized John for about 35 many years and am psyched to function with John and his tremendous workforce.”

“We are psyched to spouse with MidOcean to speed up development and innovation for the Cloyes platform,” said John Hanighen, CEO of Cloyes. “MidOcean has an outstanding monitor history in executing transformational advancement, and they carry deep abilities in the car aftermarket that will enrich our skill to much better serve our prospects, our workforce, our suppliers, and our associates, whilst also providing assistance for the Organization to develop into added markets and item strains.”

Gibson Dunn & Crutcher LLP acted as authorized advisor to MidOcean. Stifel, Nicolaus & Company, Inc. served as lead economic advisor with Donnelly Penman & Partners as co- advisor and McDermott Will & Emery LLP as authorized advisor to Cloyes.

About Cloyes

Cloyes is the North American chief and global designer, developer, manufacturer and distributor of timing push systems and elements for the automotive aftermarket. Its items are mission significant factors for motor general performance and perform and are utilized in significant-general performance and replacement applications. Cloyes serves a broad client base, including wholesale distributors, national and area merchants, re-packagers, and production engine builders, and sells its merchandise beneath the Cloyes ® model throughout North The usa and Dynagear ® in Mexico. Cloyes is headquartered in Fort Smith, Arkansas. For much more information and facts, remember to stop by www.cloyes.com

About MidOcean Companions

MidOcean Partners is a premier New York-based mostly choice asset manager specializing in center-current market non-public equity and alternate credit history investments. Considering the fact that its inception in 2003, MidOcean Private Fairness has focused investments in superior-top quality middle-marketplace companies in the consumer and small business products and services sectors. MidOcean Credit score was introduced in 2009 and now manages a collection of option credit tactics, collateralized personal loan obligations (CLOs), and customized separately managed accounts.

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Get in touch with: MidOcean Trader Relations Speak to

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[email protected] Media Speak to

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Search phrase: UNITED STATES NORTH The us ARKANSAS NEW YORK

Sector Search term: AFTERMARKET AUTOMOTIVE AUTOMOTIVE Production Producing Recreational Cars General performance & Particular Interest

Source: MidOcean Partners

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PUB: 02/22/2022 05:45 AM/DISC: 02/22/2022 05:46 AM

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