Sun Capital has completed its acquisition of Kraco Enterprises, a Compton, Calif.-based maker of automotive aftermarket floor mats. The deal value was not disclosed.
Press Release: We are pleased to announce that an affiliate of Sun Capital Partners, Inc., has completed the acquisition of Kraco Enterprises LLC (“Kraco”). The transaction closed 58 days after signing the LOI. The purchase price was funded with a sale/leaseback transaction and a bridge by an affiliate of Sun Capital Partners, Inc.
Kraco is a leading manufacturer and distributor of automotive aftermarket floor mats including cargo floor mats for vehicle, home, and shop use. Founded in 1954, Kraco operates a 500,000 square foot facility in Compton, California, with over three million cubic feet of palletized top quality floor mats ready to ship. In 2009, Kraco plans to introduce environmentally-friendly “Eco Mats,” a line of floor mats made from recycled materials. Products are distributed to more than 15,000 auto supply and general merchandise retail stores in the U.S. and Canada.
About Sun Capital: Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 200 companies worldwide since Sun Capital’s inception in 1995, with combined sales in excess of $40 billion. Sun Capital has offices in Boca Raton, Los Angeles, and New York, and affiliates with offices in London, Tokyo, Shenzhen, Shanghai, Paris, and Frankfurt.