Huron Capital’s Drake Automotive Platform Completes Sixth Add-on
Detroit, MI – December 18, 2018 – Leading lower-middle-market private equity firm Huron Capital today announced its aftermarket car accessories and restoration parts platform, Drake Automotive Group (“Drake”), has acquired Mesa, Arizona-based Addictive Desert Designs (“ADD”), a designer, manufacturer, and distributor of truck, SUV, and Jeep accessories for the off-road aftermarket. The deal marks the sixth add-on acquisition for the Drake platform since it was launched in 2016.
ADD was founded by Jared Hare in 2007 with the desire to push the limits of design, a passion for customizing vehicles and a love for the desert. ADD currently makes off-road bumpers and other accessories for a wide range of truck models including those produced by Chevrolet, Ford, Jeep, Nissan, Ram and Toyota.
“We are excited to welcome ADD to our robust portfolio of off-road parts and accessories,” said Drake CEO Keith Belair. “ADD is a strong brand known for superior design and high-quality products, making the company a great strategic fit and an excellent growth opportunity for both of our innovative companies.”
The acquisition of ADD is directly aligned with Drake’s growth strategy aimed at expanding its offerings to off-road and truck enthusiasts. Since 2016, Drake has also acquired DV8 Offroad, Proforged, Fender Gripper, Carroll Shelby Wheel Company and OG Innovations.
“We are proud to join Drake Automotive to further expand our off-road and truck market capabilities,” said Jared Hare, President of ADD, who will remain in his role and continue to lead ADD. “We believe Drake’s resources will help to fuel new opportunities for us as our partnership evolves.”
In just over a decade, ADD has forged deep relationships with automakers and is developing an exciting pipeline of products for new truck and SUV models that automakers are launching this year and next year.
“We believe ADD’s diverse off-road offerings and leading-edge designs are a great addition for Drake and will boost our position in the off-road aftermarket,” Huron Capital Vice President Michael Zukas said. “We are thrilled to have ADD join the Drake family and are excited about the complementary products and incremental growth opportunities that we are gaining with this transaction.”
About Huron Capital
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 150 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital’s sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
About Drake Automotive Group
Henderson, Nev.-based Drake Automotive Group has been helping enthusiasts create the vehicle of their dreams over the past 30 years. Drake has grown from a start-up business with just one product in its inventory for the Ford Mustang into an international company with products for a wide range of vehicles. Over the years, we’ve diversified our product line to include off-road and muscle car products. We also manufacture a variety of GM and MOPAR parts including billet items for the new Dodge Challenger. Dealers trust our quality and customers ask for us by name. Drake Automotive has become the standard for OEM quality reproduction and aftermarket parts that offer the best fit, durability and quality. For more information, please visit: http://www.drakeautomotivegroup.com/
About Addictive Desert Designs
Mesa, Ariz.-based Addictive Desert Designs was born from an addiction to push the limits of design and a passion for customizing vehicles as well as a love for the desert. Founded in 2007, the company’s mission is to engineer the world’s toughest and visually appealing products for trucks, SUVs, and Jeeps. The company’s goal is to be first to market with aftermarket suspension kits, off-road bumpers and accessories for off-road enthusiasts all over the world. From our industry leading Ford Raptor SVT bumpers and suspensions kits, to our ever-growing products for nearly every modern truck on the market, we are raising the bar on style, ruggedness and performance one truck at a time. For more information, please visit: https://www.addictivedesertdesigns.com/
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.