Promus Equity Partners, LLC (“Promus”) and Auto Meter management have announced the acquisition of Auto Meter Products, Inc. of Sycamore, Illinois.
Auto Meter has established itself as the world’s leading developer and manufacturer of branded performance instrumentation systems and ruggedized video and data recorders for the specialty automotive market. Auto Meter instrumentation and video/data systems are used on vehicles from NASCAR and Formula 1 to the aftermarket from street rods and muscle cars, and can also be found in the commercial segment from fire trucks and harsh environment construction applications to military vehicles. Within the automotive aftermarket, Auto Meter is a “must carry” product and enjoys the highest level of brand name recognition in the industry.
Auto Meter has also established a market leading position for professional-grade automotive electrical system diagnostic and battery maintenance equipment. Auto Meter’s market share in this dynamic market segment has been growing rapidly as automotive technicians and national retailers have increasingly turned to Auto Meter equipment to help them improve customer satisfaction, increase sales, and reduce costs.
Jeff King, Auto Meter’s president and CEO, said, “We are a technology driven company and pride ourselves on providing first-to-market solutions for a diverse group of automotive enthusiasts, professional and sportsman racers, and automotive service professionals. Our leading technology resonates with our customers and has helped to build very strong loyalty around our market leading brands including: Auto Meter, Stack, Spek-Pro, Dedenbear, and Battery Extender. We are thrilled to partner with Promus as we continue to build our company and bring even more exciting technology to our customers.”
Steve Brown, a partner at Promus said, “The combination of strong engineering capabilities, leading brand names, deep and diverse customer relationships, and a world class lean manufacturing operation makes Auto Meter a very attractive business. Jeff has built a very talented team that operates at the forefront of their industry. We look forward to partnering with this team to grow the company both organically and through strategic acquisitions. We see significant growth potential for this business, and are confident that with our help, Jeff and his team will successfully capture this growth.”
Avante Mezzanine Partners provided mezzanine debt financing and participated in the equity investment in Auto Meter, and Cole Taylor provided a senior credit facility to support this transaction. Terms of the investment were not disclosed.