MidOcean Partners, a middle market private equity firm focused on the business services and consumer sectors, announced it has acquired Cloyes.
This company is a North American leader and global designer, developer, manufacturer and distributor of timing drive systems and engine components for O.E. manufacturers and the automotive aftermarket. It sells its products under the Cloyes brand throughout North America and Dynagear in Mexico. MidOcean Partners plans to continue the Company’s aggressive growth plan through comprehensive organic initiatives and strategic M&A.
Cloyes was founded in 1921 and has built a reputation among engine builders and technicians of quality and best-in-class VIO (“vehicle in operation”) coverage, providing its 300+ customers with access to over 2,700 SKUs. The Company’s products are mission critical components for engine performance and function used in high-performance and replacement applications. Cloyes serves a broad customer base, including wholesale distributors, national and local retailers, re-packagers, and production engine builders.
Daniel Penn, Managing Director at MidOcean, commented, “MidOcean’s investment in Cloyes marks the third investment in the automotive aftermarket space in the last 15 months. We continue to see significant tailwinds in the auto aftermarket space and are thrilled to bring Cloyes into the portfolio of best-in-class auto aftermarket products and services MidOcean has invested behind.”
Excite to partner
Steven Loeffler, Principal at MidOcean, commented, “We couldn’t be more excited to partner with CEO John Hanighen and the Cloyes team, who are proven leaders in the automotive aftermarket space. The team at Cloyes has done an amazing job building its VIO coverage, continuing to develop new products and winning new customers. We believe there are numerous opportunities through both organic initiatives and accretive strategic acquisitions to continue this growth.”
Marc Graham, MidOcean’s Operating Partner, commented, “The Cloyes brand has been synonymous with excellence in timing systems for over 100 years, and we are thrilled to continue that leadership going forward. Cloyes has a best-in-class product suite, complemented by world-class product development capabilities. On a personal note, I have known John for over 35 years and am excited to work with John and his tremendous team.”
“We are excited to partner with MidOcean to accelerate growth and innovation for the Cloyes platform,” said John Hanighen, CEO of Cloyes. “MidOcean has an impressive track record in executing transformational growth, and they bring deep expertise in the auto aftermarket that will enhance our ability to better serve our customers, our employees, our vendors, and our partners, while also providing support for the Company to expand into additional markets and product lines.”
