Acquisition of DV8 Offroad Marks Second Add-On This Year for Aftermarket Car Accessories and Restoration Parts Platform
DETROIT, June 19, 2018 /PRNewswire/ — 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 Riverside, California-based DV8 Offroad (“DV8”), a designer and distributor of off-road accessories and wheels. The deal marks the fifth add-on acquisition for the Drake platform investment since its launch in 2016.
For fifteen years, DV8 has provided consumers and specialty retailers in the off-road, modern muscle and classic vehicle markets with high-quality wheels and accessories, including bumpers, hard tops, fenders and hoods. DV8 was founded by CEO Bob McMath in 2003 and is currently managed by Landon McMath and Cole McMath.
“We are excited to align with such a successful, growth-oriented company to help us expand Drake’s offerings in the off-road market,” Drake CEO Keith Belair said. “We believe DV8 is a great fit and the acquisition will serve as a significant step forward in the strategic evolution of both companies.”
The acquisition of DV8 is aligned with Drake’s growth strategy aimed at expanding its offerings to off-road and truck enthusiasts. Since 2016, Drake has also acquired Proforged, Fender Gripper, Carroll Shelby Wheel Company and OG Innovations.
“We believe Huron Capital offers expertise in helping grow businesses and we are excited to join the Drake team and bring an expanded portfolio of products to our customers,” said Bob McMath. “We think Huron Capital’s operational expertise and resources will provide the DV8 brand with new opportunities for growth and innovation.”
“With its solid customer base, complementary offerings and strong reputation within the enthusiast market, we believe the acquisition of DV8 will further enhance Drake’s position as a leader in the automotive aftermarket parts industry,” Huron Capital Vice President Michael Zukas said.