Case Study

Covercraft Industries, LLC

Covercraft provides one of the rare opportunities where a premium brand energized by a highly loyal consumer base and significant market share can provide a meaningful platform for growth. We see exciting new opportunities through both product innovation and category expansion to take Covercraft to the next level.

Mark Korros

President & CEO, Covercraft Industries, LLC

Overview

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 80,000 distinct automotive patterns. Additional product lines include custom front and rear seat protectors, front end masks, dash board covers, floor mats, window heat-shields and pet protection products, among others.

Highlights

  • Market leader in custom auto accessory market
  • 50 years of brand equity
  • Multitude of brands and multichannel distribution
  • Opportunity to expand product portfolio and add acquisitions to the platform

Details

Headquarters – Pauls Valley, Oklahoma
President & CEO – Mark Korros
Industry – Consumer Products
Website – www.covercraft.com

The Situation

Covercraft has been a family owned business since being founded by the Lichtmann family in 1965.  The Lichtmann family was interested in liquidity, and Century Park realized the opportunity to partner with the Company’s owner and existing management to effect a recapitalization of the business.

Century Park believed the opportunity existed to accelerate the growth of the business by further leveraging the Company’s established brand and leading position in the custom automotive accessory market. Century Park has meaningful experience in the automotive aftermarket, through the firm’s prior investment in Eckler’s Enterprises, Inc, a direct marketer of parts and accessories for classic cars.

How We Helped

Century Park was contacted about the Covercraft opportunity because of the Company’s relationship with past portfolio companies, Eckler’s Enterprises and Lynx Grills. Lynx Grills is a customer of Covercraft, and Eckler’s is a distributor of the Company’s products.

Century Park was able to successfully recruit Executive Council member, Mark Korros, to join the Company as President and Chief Executive Officer. Mark brings over 35 years of executive leadership experience in the consumer products space. In addition, Marty Lichtmann, who previously served as President and Chief Executive Officer of Covercraft, will remain involved with the business in a key operations role.

Century Park worked with management to allow them to invest on a side by side basis to help align the interests of all parties.