Tecum Capital has made an investment in TopDown, a maker of branded automotive aftermarket products. No financial terms were disclosed.
Pittsburgh, PA – Tecum Capital (“Tecum”) is excited to announce its investment in TopDown, Inc. (“TopDown”), a premier designer, manufacturer, and supplier of branded automotive aftermarket products. TopDown is the industry leader in replacement convertible tops while also offering a variety of interior soft good products including seat covers, headliners, carpet and door panels, and Jeep tops. The full product portfolio includes almost every vehicle make, model and production year.
TopDown drives a multi-channel sales strategy consisting of over 5,000 unique customers including distributors, trim shops, and direct-to-consumer customers through proprietary and marketplace platforms. The Company leverages its highly skilled labor force and state-of-the-art production facilities to provide customers with industry-leading replacement parts and auto accessory solutions. Operating under eight distinguished brands, including GAHH Automotive, Robbins Auto Tops, EZ On Auto Tops, and CalTrend, TopDown is a global leader serving customers in over 80 countries.
Tecum supported a majority recapitalization led by Valesco Industries, partnering with the existing management team and co-investors that included Brookside Capital Partners, Patriot Capital, and a Valesco Limited Partner (the “Investor Group”). Enterprise Bank provided senior financing for the transaction.
Upon closing the transaction, TopDown CEO Rodney Wells stated, “We are thrilled to partner with the talented team at Tecum. TopDown’s experienced leadership team and market leading brands are well-positioned for continued growth which we are confident we can accelerate with the support of Tecum and our capital partners.”
Tyson Smith, Partner of Tecum, stated, “We are enthusiastic to partner with the Investor Group and TopDown’s exceptional management team to continue to grow the market leader in aftermarket convertible tops by expanding the Company’s market share via digital sales strategies, growing emerging product lines, developing new product lines, and making strategic acquisitions. We have a great relationship with Valesco, Brookside, and Patriot and are excited that we could come together on a strong outcome behind the leadership of Rodney and his team.” Stephen Gurgovits, Jr., Managing Partner of Tecum, added, “TopDown’s leading market position, omni-channel go-to-market strategy, demonstrated history of organic growth, and tangible growth opportunities make this an attractive opportunity to expand Tecum’s interest in the automotive aftermarket industry. Collectively, we feel we have a strong bench at the Company and within the Investor Group to build upon the past successes of TopDown into the future.”
Tecum’s investment team on the transaction included Tyson Smith, Husnain Safdar, and Matt Sweet.