Boyne takes majority stake in CarCovers

Boyne Capital has acquired a majority stake in Pittsburgh-based CarCovers, a retail ecommerce company focused on vehicle covers and related vehicle protection products.

Boyne Capital has acquired a majority stake in Pittsburgh-based CarCovers, a retail ecommerce company focused on vehicle covers and related vehicle protection products. No financial terms were disclosed.

PRESS RELEASE

MIAMI, Jan. 21, 2021 /PRNewswire/ — Boyne Capital (“Boyne”) is pleased to announce that one of its affiliates has acquired a majority interest in CarCovers.com (“CarCovers” or the “Company”), a retail e-commerce company focused on vehicle covers and related vehicle protection products.

Founded in 2008 by Jonathan (Jony) Volk and headquartered in Pittsburg, CA, CarCovers sells primarily through its direct-to-consumer e-commerce portal, CarCovers.com, and offers a comprehensive suite of high-quality, form-fitting products tailored to a wide range of vehicle types and applications. Supported by in-house product development, order fulfillment, and customer service functions as well as industry-leading warranty coverage, CarCovers delivers a differentiated customer experience and value proposition that has driven its rapid growth within the vehicle protection category.

Boyne Managing Partner and CEO Derek McDowell said: “From day one, we were impressed with the customer-first culture and commitment to quality that Jony and the CarCovers team have established, and we are excited to partner with them to build on the company’s market leadership position and support their vision for future growth.”

Jony Volk, the Founder and CEO of CarCovers, said, “I’m excited to be partnering with the Boyne team to bring CarCovers into its next phase of accelerated growth. With Boyne’s support, we are well-positioned to continue expanding our product offerings and double down on our leading position in the direct-to-consumer vehicle protection category.”
CarCovers is a new platform investment in BCM Fund I. Boyne Capital is dedicated to investing in the lower middle market sector, specifically companies with revenues of less than $100 million and EBITDA of $3 million to $10 million.

About Boyne
Boyne Capital is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners’ and shareholders’ partial or full exit. For more information, please visit www.boynecapital.com or call 305.856.9500.