Middle-market lender TCF Capital Funding has provided secured financing to back Superior Capital Partners and Rostra Precision Controls‘ acquisition of Jacksonville, Florida-based Auer Automotive, a provider of halogen fog light kits, LED fog light kits, LED daytime running light kits and exterior accessory kits for Scion and Toyota vehicles. No financial terms were disclosed.
CHICAGO, IL (February 8, 2018) – TCF Capital Funding, a division of TCF National Bank which is a subsidiary of TCF Financial Corporation (TCF) (NYSE: TCF), today announced that it provided secured financing to support Superior Capital Partners and Rostra Precision Controls, Inc. (“Rostra”) in their acquisition of Auer Automotive (“Auer”).
Through its OEM/Port, Commercial/Fleet and 12-volt Automotive Accessories business, Rostra is a leading manufacturer of add-on safety, comfort and convenience products including aftermarket cruise control systems, a variety of lighting accessories, parking assistance and obstacle detection systems, exterior vehicle camera systems, lumbar supports and seat heaters. Rostra’s Vehicle Safety Manufacturing Division is the nation’s leading supplier of turn signal switches to the heavy duty vehicle market and also a supplier of lighting products for heavy duty trucks, trailers and buses.
Headquartered in Jacksonville, FL, Auer Automotive is a supplier of OEM Quality LED Daytime Running Light Kits, LED Fog Light Kits, Halogen Fog Light Kits and Exterior Accessory Kits.
“The combination of Rostra and Auer is complementary to both companies. The Auer product line fits well inside the Rostra product portfolio and can be another source of growth in the Company’s expanding presence in the heavy duty market. We are excited about the transition and look forward to supporting Superior and the management team as they continue to grow the business” said TCF Capital Funding Assistant Vice President Nick O’Brien.
About TCF Capital Funding
TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. To learn more about TCF Capital Funding, visit www.tcfcapitalfunding.com.
About TCF Bank
TCF is a Wayzata, Minnesota-based national bank holding company. As of December 31, 2017, TCF had $23.0 billion in total assets and 320 bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. http://ir.tcfbank.com.
About Superior Capital Partners
Superior Capital Partners is a Detroit-based private equity firm focused on investing in underperforming and undercapitalized companies where the combination of an improved capital base and exceptional management will lead to profitable growth and out-sized returns for our investors and management partners. We invest in partnership with management teams with a shared vision on the path to value creation. To learn more about Superior Capital Partners, visit http://www.superiorfund.com.