Canadian private equity firm Penfund has provided growth capital to Mevotech LP, a Toronto-based supplier of automotive products, including steering, suspension, and driveline replacement products. The financial details of the investment were not disclosed. Mevotech said the partnership with Penfund will help the company to continue to execute its initiatives and better serve its customers. With its headquarters in Toronto, Penfund specializes in providing junior capital to mid-market companies in North America. The firm is currently investing from Penfund Capital Fund IV, which closed at $460 million in 2012.
Penfund Provides Growth Capital to Mevotech L.P.
TORONTO, Ontario (April 21, 2014) – Penfund, a leading Canadian private equity firm, announced today an investment in Mevotech L.P. (“Mevotech” or the “Company”) to help support the Company’s growth. The amount of the investment is undisclosed.
Based in Toronto, Ontario, Canada, Mevotech is a leading supplier of high quality steering, suspension, and driveline replacement products including control arms, chassis parts, lateral links, hub assemblies and bearings. Founded in 1982, the Company has developed a reputation for innovation and quality across several well-known brands including Supreme Chassis Parts, X- Factor and Terrain Tough – TTX.
Ezer Mevorach, Chief Executive Officer of Mevotech, commented, “We are thrilled with our partnership with Penfund as their investment will help us to continue to execute our growth initiatives and better serve our customers. The Penfund team brings a highly successful track record growing businesses along with deep experience in the auto aftermarket industry.”
”Penfund has a long history of investing with entrepreneurs seeking to grow their businesses,” commented Jeremy Thompson, a Partner at Penfund. “Mevotech has developed a strong market position and has an outstanding reputation for innovation, quality, engineering, and timely delivery, as recognized by several customer and industry awards. We are confident the Company’s
proven management team will be great partners as Mevotech is taken to the next level. We look forward to supporting Mevotech as it pursues compelling growth opportunities.”
To learn more about Mevotech, please visit:
Penfund is a leading Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most
recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. Penfund manages institutional funds sourced from Canadian pension funds, insurance companies, family offices and banks and has invested more than $2.5 billion in over 220 companies since its establishment in 1979.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Executive Officer
(416) 783-7800 Ext. 3225
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