Century Park Capital Partners, a private equity firm based in Los Angeles, is pleased to announce the acquisition of Eckler Enterprises, Inc., the leading aftermarket supplier of parts and accessories to the Corvette and Classic Chevy enthusiast market. Founded in 1961, Eckler’s offers 45,000 items which include exterior and interior accessories, performance parts, and a complete line of restoration parts. The company sells these products direct to retail customers through catalog and internet channels, as well as to repair shops and dealers. Eckler’s is a GM Restoration Parts licensee.
“The acquisition by Century Park Capital Partners will help the company continue to pursue its proven growth strategy of leveraging the company’s leadership in catalog / internet marketing and cost-efficient operations into complimentary acquisitions. The combination of solid organic growth and highly synergistic acquisitions has made Eckler’s the most recognized and respected name across the Corvette and Classic Chevy parts industries,” stated Ed Mills, Eckler’s President.
Mr. Mills does not expect significant changes in the current operating structure and affirmed that key management members will continue in their current roles. Eckler’s will continue to focus on its outstanding reputation for superior customer service, new product introductions, and maintaining the company’s position as the premier supplier of parts for the markets it serves.
Marty Jelenko, one of Century Park’s Managing Partners, said, “Eckler’s has one of the finest management teams and is engaged in one of the best businesses I have seen in my 30-plus years in the M&A business. With its Corvette and Classic Chevy aftermarket parts focus, Eckler’s combines an important slice of ‘Americana’ with an ‘enthusiast’ customer base for a terrific business model. With Detroit’s recent introduction of retro auto designs such as the new Ford Mustang and the positive feedback on concept cars like the Dodge Charger and Chevy Camaro, we expect the interest in classic cars and trucks to continue and grow.”
Though terms of the transaction were not disclosed, senior debt financing was provided by GE Antares Capital and Madison Capital Funding. GMB Mezzanine Capital, L.P., by Lakeside Capital Partners, LLC, its General Partner, provided the mezzanine financing. The investment by Century Park was made from its latest fund, Century Park Capital Partners II, L.P. Goldsmith Agio Helms and Lyner, LLC, a Minneapolis-based investment bank focused on serving middle market companies, advised the seller.
Eckler’s (www.ecklers.com), is the number one catalog and online retailer of aftermarket parts for Corvettes and 1955-1957 Classic Chevys (www.classicchevy.com). It also sells parts for 1958-1972 Chevys (www.lategreatchevy.com), classic Chevy Trucks (www.ecklerstrucks.com) and Camaros (www.ecklerscamaro.com).
About Century Park Capital Partners:
Century Park Capital Partners is a Los Angeles-based private equity firm that partners with owner/managers to build successful companies. The firm specializes in facilitating owner liquidity and business expansion by providing $10 million to $50 million equity investments for minority and majority recapitalizations, growth financings, management-led buyouts and acquisition financings. More information on Century Park Capital Partners can be found atwww.centuryparkcapital.com.