The Sterling Group agreed to sell Highline Aftermarket Holdings to Pritzker Private Capital. Sterling formed Highline in 2016 by acquiring DYK Automotive and AAHC, a corporate carve-out from Marubeni. The firm combined the two businesses and made five subsequent add-ons.
The Sterling Group, a middle market private equity firm, announced today that is has signed a definitive agreement to sell Highline Aftermarket Holdings, LLC (“Highline”) to Pritzker Private Capital. Highline is a leading national distributor and manufacturer of automotive aftermarket products. The transaction is expected to close by December 2020.
Sterling formed Highline in 2016 through the simultaneous acquisitions of DYK Automotive, owned by the Dobbs’ family office and AAHC, a corporate carve-out from Marubeni. In bringing together these two businesses, and through five subsequent acquisitions, Sterling built a leading company in the distribution and manufacture of consumables in the automotive aftermarket.
“Sterling’s deep experience in distribution and value added, hands-on approach to partnering with our management team, was instrumental in building Highline from a group of separate legacy businesses into an integrated, functionally organized, efficient market leader taking advantage of numerous growth opportunities,” said Darcy Curran, Highline CEO.
“Working with Sterling, Darcy Curran and the entire Highline team drove exceptional execution,” said Gary Rosenthal, a Partner at The Sterling Group. “During Sterling’s ownership, Highline has more than tripled in size, with every aspect of the business experiencing investment and significant improvement. Additionally, consistent with Sterling’s practice, a large number of Highline employees became equity holders and will benefit substantially from the transaction.”
The Sterling Group has almost four decades of experience partnering with management teams to execute corporate carve-outs and family owned business transitions. Over the last five years, five of Sterling’s new platforms, like Highline, have been formed through the initial simultaneous acquisition of two or more companies.
ABOUT HIGHLINE AFTERMARKET
Headquartered in Memphis, TN, Highline Aftermarket is a leading national distributor of automotive products, with fifteen distribution centers and eight manufacturing facilities serving multiple channels across the aftermarket industry. With more than 500 employees, Highline serves as a critical link between manufacturers and customers, offering a robust portfolio of national brands, original-equipment replacement products, private-label goods, and in-house chemical blending and packaging. Highline is the leading manufacturer of windshield wash in the U.S.
Additional information about Highline Aftermarket is available at www.highlineaftermarket.com.
ABOUT THE STERLING GROUP
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 57 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling recently closed its fifth investment fund with $2.0 billion in commitments and currently has over $4.0 billion of assets under management. For further information, please visit www.sterling-group.com.