Horsepower, which is backed by Huron Capital Partners, has acquired Rago Fabrication, a maker of off-road/overland aftermarket products focused primarily on Toyota and Lexus vehicles. No financial terms were disclosed.
DETROIT – March 17, 2022 – Huron Capital Partners LLC (“Huron”), a leading lower middle-market private equity platform, announced today that its off-road and overlanding automotive aftermarket accessories platform, which goes to market under the brand names Addictive Desert Designs (“ADD”) and DV8 Offroad (“DV8”), (collectively, “Horsepower”), has acquired Rago Fabrication (“Rago”).
Rago, founded in 2013 by U.S. Navy Veteran Mario Rago, is a manufacturer and distributor of premier off-road/overland aftermarket products focused primarily on Toyota and Lexus vehicles, such as the 4Runner, Tacoma, and GX460. Headquartered in Kerrville, Texas, Rago designs and fabricates quality products including: storage solutions, bed racks, lighting mounts, gear mounts, armor, and other accessories for the off-road and overlanding enthusiasts.
“The addition of Rago will significantly expand our product offerings. We have offered a range of high-quality accessories for Jeep, Raptor, Bronco and other truck and SUVs for years,” said John Robinson, CEO of Horsepower. “The addition of Rago provides Horsepower with both complementary vehicle platform capabilities, given Rago’s Toyota and Lexus focus, and enhances our R&D activity through the addition of a team that can deliver unique products for the off-road / overlanding enthusiast.”
“We have earned our brand loyalty over the years by consistently delivering high-quality, innovative products to our customers,” said Melissa Rago, owner and operator of Rago Fabrication. “Combining Rago with the ADD and DV8 brands boosts our ability to expand our products beyond the Toyota platforms, by partnering with a team of enthusiasts whose job during the week is their passion on the weekend.”
“We continue to see favorable dynamics in the off-road and overlanding markets that will support Horsepower’s growth over the next several years” said Huron Capital Principal Michael Zukas. “We will continue to partner with strong companies such as Rago, to execute our focused buy-and-build strategy in this highly attractive sub-segment of the broader automotive aftermarket.”
About Huron Capital
Founded in Detroit in 1999, Huron Capital is an operationally focused private equity platform with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. An early pioneer of the buy-and-build approach, Huron Capital has successfully established six private equity funds aggregating nearly $2.0 billion in committed capital and invested in over 240 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital invests control equity in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital focuses on niche segments within commercial & industrial services, professional services and the consumer services sectors. For more information, please visit: www.huroncapital.com.
About ADD & DV8 Offroad
Addictive Desert Designs and DV8 Offroad both offer a range of aftermarket accessories for Jeep, Raptor, Bronco, and other truck / SUV enthusiasts looking for tough, durable, and stylish designs to set them apart on the trails. Addictive Desert Designs was born from an addiction to push the limits of design and a passion for customizing vehicles and a love for the desert. DV8 understands that along with style, Jeep enthusiasts need functional, reliable equipment that also protects their investment. Additional information can be found at https://www.addictivedesertdesigns.com/ and https://dv8offroad.com/.
About Rago Fabrication
Rago Fabrication (“Rago”) is a veteran family owned off-road product manufacturer, that designs and fabricates quality off-road products right here in the USA. The company first opened its doors in April of 2013 in Rancho Cucamonga offering custom fabrication. Rago Fabrication was founded Melissa Rago and her husband, Mario Rago after he completed his contract with US Navy as an Aviation Electrician in a fighter jet squadron. Prior to Mario’s military service he completed Toyota’s Technician Training & Education and became an ASE Certified Technician. Additional information can be found at https://www.ragofabrication.com/.