Covercraft Industries, LLC Acquires GT Covers, Expanding its Seat Cover Product Offering

AURORA, CO: Covercraft Industries, LLC (“Covercraft”) announced today that it is acquiring GT Covers (the “Company”), a highly respected manufacturer of premium-quality, USA-made custom-fit vehicle seat covers. This acquisition will provide Covercraft with the world’s largest pattern library and the broadest assortment of custom-fit automotive aftermarket seat covers.

Operating since 1982 in Aurora, Colorado, GT Covers’ broad product offering encompasses thousands of patterns available in a variety of premium fabrics and leathers. The Company was previously owned by President Gary Walsh, who will assume the role of VP Manufacturing of Custom Seat Covers within Covercraft. GT Covers will continue to service its customer base under the GT Covers and Precision Fit brand names and will operate as a division of Covercraft out of its existing facility in Colorado.

GT Covers becomes the second acquisition to join the Covercraft family of vehicle protection products since the company partnered with Century Park in 2015. Last year, Covercraft added ADCO Products, the market leader in RV covers and RV protection accessories, as well as outdoor furniture and equipment covers, to its assortment.

With these two acquisitions completed, Covercraft is in the unique position to be able to offer the world’s most comprehensive assortment of premium quality custom vehicle and seat covers, along with other aftermarket protection accessories for the automotive, aviation, RV, power sports, marine, motorcycles and outdoor products end markets. In addition to selling products under the Covercraft, ADCO, and GT Covers brands, the Company also holds licenses for Ford, Carhartt, Winnebago, Airstream and Tommy Bahama.

Mark Korros, CEO of Covercraft, noted, “We have a strong and highly-energized team, with a true leadership position in the products we bring to market. Our focus remains on delivering custom-fit, premium quality products, exceptional customer service, and market-leading technology across all of our product offerings. The addition of GT Covers catapults us to an even stronger leadership position in the seat cover and interior vehicle protection categories.”

Gary Walsh, President of GT Covers, added, “We are very respectful of the premium branding position Covercraft holds in the market. We are most excited about bringing our GT Covers expertise and extensive library of custom-fit seat covers to Covercraft. Combined, we will be an even stronger force in the aftermarket arena, adding a variety of new fabrics, premium leathers and genuine sheepskin to the Covercraft assortment.”

Guy Zaczepinski, Managing Partner with Century Park Capital Partners and Chairman of Covercraft, concluded, “The addition of GT Covers to the Covercraft suite of vehicle protection products puts us at the cutting-edge of custom-fit seat cover technology. We are also excited to apply GT Covers’ proprietary mapping tools to service other verticals, including the RV, outdoor and airline industries, among others.  We are fortunate to have Gary Walsh and his outstanding team join the Covercraft family.”

About GT Covers:

GT Covers is a premium manufacturer of custom-fit aftermarket seat covers. The Company’s expert craftspeople have been exclusively creating tailored seat covers since 1982, pioneering the “exact-fit” seat cover concept. Thousands of patterns later, GT Covers is still enhancing the quality automotive seat cover market with their luxurious velour, genuine leather, supple leatherette and durable waterproof Endura fabrics, all enhanced with a soft foam lining. Located in Aurora, CO, GT Covers is proud to build its premium products in the USA.  For more information on GT Covers, please visit www.gtcovers.com.

About Covercraft Industries, LLC:

Covercraft Industries, LLC is a market-leading player in the custom automotive accessory market, providing premium quality exterior and interior protection products. The company is the world’s largest manufacturer of custom-patterned vehicle covers, with a library that includes more than 400,000 distinct cover patterns for automobiles, RVs, power sport vehicles and outdoor furniture. Covercraft is also known for its SeatSaver™, LeBra®, DashMat®, UVS100® Sunscreens and Colgan Custom® brands. Covercraft is headquartered in Pauls Valley, Oklahoma with additional manufacturing facilities in Wichita Falls, Texas; Mexico; and Australia. Additional product lines include custom front and rear seat protectors, front end masks, dashboard covers, floor mats, window heatshields and pet protection products, among others.  Covercraft is certified to both ISO/TS16949:2009 and ISO 14001 standards.  Covercraft, with more than 700 employees, was founded in 1965 by the Lichtmann family who are still involved with the company today. For more information on Covercraft, please visit www.covercraft.com.

About Century Park Capital Partners:

Century Park Capital Partners is a Los Angeles-based private equity firm that invests in family businesses and owner-operated companies with the purpose of accelerating their growth and building leading companies within their industries.  We specialize in acquiring strategically well-positioned yet under-resourced middle market companies with identifiable potential for value creation through the addition of critical resources.  Our Executive Council industry partners and Operating Team work side-by-side with us to support our investments with proven industry insights, strategic initiatives, buy-and-build acquisition programs, process improvement plans and infrastructure additions.  For more information on Century Park Capital Partners, please visit www.centuryparkcapital.com.