Monomoy Capital Partners has acquired Elk River, Minnesota-based Sportech, a supplier of cab components for utility task vehicles. No financial terms were disclosed. Capital Markets served as financial adviser to Sportech on the deal.
NEW YORK–(BUSINESS WIRE)–Monomoy Capital Partners is a private investment firm with $1.6 billion in committed capital in a family of investment funds. Monomoy makes investments in the debt and equity of middle market businesses that can benefit from operational and financial improvement. Monomoy announced today that it has successfully completed the acquisition of Sportech, Inc. (“Sportech”), the leading supplier of cab components for utility task vehicles (“UTVs”). Terms of the transaction were not disclosed.
Sportech was founded by Chris Carlson in 1994 and is headquartered in Elk River, Minnesota. Sportech designs, manufactures and assembles cab components and systems for the powersports, golf and turf, industrial, and agricultural end markets. Sportech’s design and engineering capabilities allow the company to provide complex components and assemblies to the largest original equipment manufacturers of UTVs in North America. The business operates three facilities in Minnesota and employs approximately 325 team members.
“We would like to congratulate and thank Chris Carlson for building a market leading business and organization,” said Dan Collin, Monomoy Co-CEO and Partner. “Sportech is a proven, highly-regarded supplier to its blue-chip customer base and is well-positioned to grow over the next several years. Monomoy is excited to partner with the Sportech management team and to collaborate with the company to drive long-term value for all of its stakeholders.”
“Monomoy‘s focus on operational excellence aligns well with the high-performance culture at Sportech,” said Mr. Carlson, the founder of Sportech. “The Carlson family is excited to see what the future holds for the great people of Sportech as they partner with Monomoy to build upon Sportech’s strong legacy of growth and positive community impact.”
“We are pleased to add Sportech to our portfolio,” said Justin Hillenbrand, Monomoy Co-CEO and Partner. “Sportech has demonstrated an ability to distinguish itself as a critical supplier to UTV manufacturers and has great potential for future growth.”
Upon closing of the transaction, Jim Glomstad, the company’s current Chief Operating Officer, will assume the role of Chief Executive Officer of Sportech. “The Sportech team looks forward to working with Monomoy, whose resources and capabilities will allow us to advance our strategic and operational initiatives,” said Mr. Glomstad. “We are excited to begin the next phase in our evolution as a company and to continue growing with our market-leading customer base.”
Monomoy acquired Sportech through, Monomoy Capital Partners III, L.P. Cerberus Business Finance provided acquisition financing for the transaction; Kirkland & Ellis LLP provided Monomoy with legal counsel; and Alvarez & Marsal, LLC completed financial, accounting and information technology diligence for Monomoy. BMO Capital Markets acted as the exclusive financial advisor to Sportech, Inc. in the sale and Faegre Baker Daniels LLP provided legal counsel to Sportech.
About Monomoy Capital Partners
Monomoy Capital Partners is a private equity firm with $1.6 billion in committed capital that invests in middle-market businesses in the manufacturing, industrial, distribution and consumer products sectors. The firm invests in the both the equity and debt of middle-market businesses that can benefit from operational and financial improvement. Monomoy designs and executes a customized value creation plan for each acquisition that seeks to generate significant cash flow and improve earnings within 12 to 18 months of an investment. Over the past 14 years, Monomoy has closed over 50 middle-market acquisitions. To learn more about Monomoy and its portfolio companies, please visit the firm’s website at www.mcpfunds.com.
About Sportech, Inc.
Sportech designs, manufactures, and assembles cab components and systems for the powersports, golf and turf, industrial, and agricultural end markets. Sportech’s design and engineering capabilities allow the company to provide complex components and assemblies to its original equipment manufacturer customers. The Company is headquartered in Elk River, Minnesota and operates three facilities in the state. To learn more about Sportech, Inc., please visit the company’s website at www.sportechinc.com.