Monomoy Capital Partners has acquired High Performance Industries. Financial terms weren’t disclosed. High Performance makes automotive aftermarket products, including carburetors, electronic fuel injection kits, exhaust headers and fuel pumps. Houlihan Lokey advised Monomoy. Wells Fargo and LBC Credit Partners are providing financing.
Monomoy Capital Partners II, L.P. (“Monomoy”), a New York private equity fund focused on value investment and business improvement, announced today that it has acquired High Performance Industries, Inc. (“Holley”) through an affiliate. Financial terms of the transaction were not disclosed.
Founded in 1903, Holley is a leading manufacturer of high-performance automotive aftermarket products, including carburetors, electronic fuel injection kits, exhaust headers and fuel pumps. The company markets its products through a portfolio of iconic American brands, including: Holley®, Hooker Headers®, Flowtech®, Nitrous Oxide Systems® or (“NOS”), Earl’s®, and Weiand®. Holley is headquartered in Bowling Green, Kentucky, operates two manufacturing facilities in Kentucky and Mississippi, and employs approximately 350 associates. The company’s products are described in detail on www.holley.com.
Holley is a new platform acquisition for Monomoy Capital Partners II, L.P., Monomoy’s current fund vehicle. Justin Hillenbrand, Partner of Monomoy, stated, “We are very excited to partner with Holley’s management team to continue to grow Holley’s portfolio of industry leading brands. Monomoy will look to strengthen and grow the Company by optimizing its manufacturing system, focusing on product development and expanding Holley both organically and through acquisition. Our end-customers are individuals who own classic cars, project cars and race cars, we plan on doing a lot of listening to understand how we can make our products better.”
Thomas W. Tomlinson, the company’s Chief Executive Officer, added, “We are thrilled with the opportunity to move forward with Monomoy. The partnership with Monomoy will provide us with the strategic capital and operational resources to increase Holley’s market share, introduce exciting new performance products, and grow earnings.”
Kevin Morris, Rodin Hai-Jew and Natalia Sokolova from Kirkland & Ellis, LLP provided Monomoy’s legal counsel in the acquisition and Houlihan Lokey, Inc. provided financial and accounting diligence. XMS Capital Partners advised the sellers in the transaction.
Wells Fargo and LBC Credit Partners provided financing for the transaction.
About Monomoy Capital Partners
Monomoy Capital Partners is a private equity firm with $700 million in assets under management that makes controlling investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice industries. Over the past five years, Monomoy has closed over 30 middle market acquisitions, and its companies currently produce over $1.1 billion in combined sales and employ more than 4,500 people across four continents, from North America to Asia. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage profitable growth. Please visit www.mcpfunds.com for a detailed review of Monomoy and its portfolio.
Holley was founded in 1903 and has been a supplier to every major American automobile manufacturer. Holley supplied half of the fuel systems in WWII including those for land vehicles, marine and aircraft. Today, Holley focuses on the high performance aftermarket where its world famous carburetors have won more races than all others combined. Holley carburetors have powered every NASCAR Cup Series team since the 1960’s and Holley now supplies NASCAR with high performance electronic fuel injection throttle bodies as the teams transition to electronic fuel injection for the 2012 race season. Holley is a leader in developing advanced high performance electronic fuel injection systems for street users and professional racers alike.