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Huron Completes Recapitalization of Drake Automotive Group
Detroit, MI – January 11, 2016 – Huron Capital Partners LLC (“Huron Capital”) today announced it has invested in Drake Automotive Group (“Drake”), in partnership with its founder and management. Headquartered in Henderson, Nev., Drake is a designer and distributor of branded automotive aftermarket products serving the classic car, off-road, and late model “muscle car” markets.
Founded by Scott Drake in 1988, Drake has long been a major provider of parts for classic and current model Ford Mustangs, and also caters to vehicles such as Broncos, Jeeps, Camaros and others. According to the 2015 SEMA Market Report, the automotive restoration aftermarket parts business is a $1.4 billion industry.
Scott Drake said, “Our team has a lot of energy and ideas for growing the business, and we are excited to have a partner in Huron Capital who shares our vision and values.”
Rick Schmidt is Vice President and Chief Operating Officer of National Parts Depot (“NPD”), a long-time Drake customer. Rick said, “NPD and Drake have enjoyed a fantastic relationship dating back to the 80’s, and we both grew along with the classic Mustang hobby together. We thrive by having parts to sell that restorers need and want, and Drake has long proven to be one of the most prolific in offering new parts in the industry.”
Brian Demkowicz, Managing Partner of Huron Capital, added, “We think Drake is a great fit with Huron Capital, given our Detroit roots. We believe Scott and his team have done an excellent job building a premier brand name that caters to a passionate group of vehicle enthusiasts who recognize Drake for innovation and quality. Working with the Drake team, we plan to pursue a buy-and-build strategy in the enthusiast segment of the automotive aftermarket.”
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.
