Industrial Opportunity Partners acquired Competition Cams, Inc, which specializes in making camshaft and valve train-related parts for the automotive aftermarket. The acquisition is part of IOP’s automotive aftermarket platform that includes portfolio company Edelbrock. Phil Fioravante, an IOP operating principal, will become chairman of IOP’s automotive aftermarket platform. Terms of the deal were not disclosed. Competition Cams is IOP’s fifth platform investment from its third fund.
Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has acquired Competition Cams, Inc. (“COMP Cams” or the “Company”) as part of its IOP automotive aftermarket platform which includes current IOP portfolio company Edelbrock, LLC (“Edelbrock”). Terms of the transaction were not disclosed.
COMP Cams is a manufacturer, distributor, and marketer of high-performance automotive aftermarket products specializing in camshaft and valvetrain related components. The Company is headquartered in Memphis, Tenn. with additional manufacturing and distribution locations in Olive Branch, Miss., Ashland, Miss., and Bronson, Mich.
Don Barry, Edelbrock CEO, commented, “We are excited to join forces with the COMP Cams team. We believe that both the Edelbrock and COMP Cams brands have an excellent position in the market and a great reputation for delivering innovative, quality, high-performance products.”
Chris Douglas, COMP Cams President, added, “The COMP Cams management team and I are looking forward to our partnership with IOP and Edelbrock. We believe IOP’s operations‐focused approach will assist us in optimizing all aspects of our business to support continued growth and better serve the automotive aftermarket and racing communities.”
The transaction represents the fifth platform investment for IOP’s third fund, Industrial Opportunity Partners III, L.P. Phil Fioravante, an IOP Operating Principal, will assume the position of Chairman of IOP’s automotive aftermarket platform.
The transaction’s senior debt financing was provided by PNC Bank and Freeport Financial Partners with subordinated debt financing provided by Norwest Mezzanine Partners. Winston & Strawn LLP and McDermott Will & Emery LLP provided legal representation to IOP in the transaction.
About COMP Cams
Based in Memphis, Tenn., COMP Cams is a family of aftermarket performance companies that includes brands such as COMP Cams®, TCI®, FAST®, RHS®, ZEX™, Inglese™ and many others. Winning performance, superior engineering and unmatched quality form its foundation, and from the street to the strip, circle track to road racing, COMP Cams touches the lives of performance enthusiasts everywhere. Whether your vehicle is classic or modern, domestic or foreign, COMP Cams has the product solution your powertrain needs. For more information, please visit www.compperformancegroup.com.
Edelbrock is a top designer, manufacturer and distributor of automotive aftermarket performance parts. Edelbrock produces its core products in the USA, using state-of-the-art equipment in world-class manufacturing facilities and in-house engineering departments. Through the Edelbrock and Russell brands, it currently provides products for numerous vehicle types, including early- and late-model performance cars, trucks, Japanese domestic, and off-road applications. For more information, please visit www.edelbrock.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $400 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.