Century Park Capital Partners has invested in Covercraft Industries via recapitalization. Financial terms weren’t announced. Pauls Valley, Oklahoma-based Covercraft provides automotive exterior and interior protection products. Texas Capital Bank and PNC Erieview provided the debt financing.
JUNE 22, 2015, LOS ANGELES, CA – Century Park Capital Partners is pleased to announce the recapitalization of Covercraft Industries, Inc. (“Covercraft” or the “Company”). Headquartered in Pauls Valley, Oklahoma, Covercraft is a market leading player in the custom automotive accessory market, providing premium quality exterior and interior protection products. The Company is the world’s largest manufacturer of custom-patterned vehicle covers, with a library that includes more than 80,000 distinct automotive patterns. Additional product lines include custom front and rear seat protectors, front end masks, dash board covers, floor mats, window heat-shields and pet protection products, among others. The Company also has manufacturing locations in Wichita Falls, Texas; Mexicali, Baja California Mexico; Juarez, Chihuahua Mexico; and near Sydney, New South Wales Australia.
Covercraft was founded by the Lichtmann family in 1965, and celebrated its 50th year anniversary in 2015. The family has continuously operated the company since that time, establishing Covercraft as a leading brand in the custom automotive accessory market.
Mark Korros, a member of the Century Park Executive Council, will be joining Covercraft as Chief Executive Officer. Mark has over 35 years of executive leadership experience in the consumer products space. Previously, Mark served as Chief Executive Officer for Pendleton Woolen Mills, President and Chief Executive Officer for C.C. Filson Co., President for Central Restaurant Products, President for Samsonite North America, President for Franklin Covey and in various upper management capacities for other major consumer brands. Mark commented, “Covercraft provides one of the rare opportunities where a premium brand energized by a highly loyal consumer base and significant market share can provide a meaningful platform for growth. Century Park and I see exciting new opportunities through both product innovation and category expansion to take Covercraft to the next level.”
Marty Lichtmann, who previously served as President and Chief Executive Officer of Covercraft, will remain involved with the business in a key operations role. Marty commented, “I am very excited to be working with Mark and the people at Century Park. After 50 years of family leadership, bringing in a team of truly experienced leaders to help us will put Covercraft in a better position than ever to service the needs of our customers and to grow our company.”
Guy Zaczepinski, Managing Partner with Century Park, commented, “we couldn’t be happier to be partnering with Marty Lichtmann in this recapitalization. Covercraft represents a meaningful brand in the automotive aftermarket and with Century Park’s involvement, we hope to make it an even larger player in the custom protection accessories market.”
Texas Capital Bank and PNC Erieview provided the debt financing for the transaction. Terms of the transaction were not disclosed.
About Covercraft Industries, Inc.:
Covercraft Industries, Inc. is a market leading player in the custom automotive accessory market, providing premium quality exterior and interior protection products. The Company is the world’s largest manufacturer of custom-patterned vehicle covers, with a library that includes more than 80,000 distinct automotive patterns. Additional product lines include custom front and rear seat protectors, front end masks, dash board covers, floor mats, window heat-shields and pet protection products, among others. Covercraft was founded in 1965 and is headquartered in Pauls Valley, Oklahoma. For more information on Covercraft, please visit www.covercraft.com.
About Century Park Capital Partners:
Century Park Capital Partners is a Los Angeles-based private equity firm that partners with owner/managers to build successful companies. The firm specializes in facilitating owner liquidity and business expansion by providing $10 million to $50 million equity investments for minority and majority recapitalizations, growth financings, management-led buyouts and acquisition financings. Century Park seeks to support management in accelerating the growth curve of well-positioned companies by investing in infrastructure, internal growth initiatives, and strategic acquisitions. For more information on Century Park, please visit www.centuryparkcapital.com.