Eckler’s Enterprises, Inc.
I think we were very lucky to have worked with Century Park. They built a great working relationship based on trust and competence and helped guide us through a challenging economic environment in a manner that has made Eckler’s a larger, more profitable, more efficient, and better focused company.Matt Jordan CEO
Eckler’s Enterprises, Inc., based in Titusville, Florida, is a direct marketer of parts and accessories for classic cars. Eckler’s sells restoration, accessory and performance parts for each of its car models under separate catalog titles and websites, which are all managed under a centralized infrastructure. Eckler’s, which was founded to serve the Corvette market, has since diversified into 1955-1957 Classic Chevy, 1958-1972 Chevy, classic Chevy Trucks, First Generation Camaro, Later Generation Camaro, Chevelle, El Camino, Mercedes and Porsche.
- Strong enthusiast end market
- Long history of growth
- Acquisition platform
Headquarters – Titusville, Florida
President & CEO – Matt Jordan
Industry – Consumer Products
Website – ecklerscorvette.com
The owners of Eckler’s were interested in liquidity. Century Park saw the opportunity to partner with the company’s existing management to effect a recapitalization of the business. Century Park believed that Eckler’s strong market presence and direct marketing platform could be leveraged for further growth through an industry consolidation strategy—even beyond the company’s core Chevrolet lines.
How We Helped
Century Park structured a buyout of Eckler’s former owners in partnership with management. The buyout financing specifically included an acquisition line to streamline the process of completing future add-on acquisitions. Immediately upon closing, Century Park worked closely with Eckler’s senior team to identify and analyze areas of opportunity for Eckler’s, particularly in the realm of add-on acquisitions. Century Park and management collectively identified a list of potential companies to pursue and agreed on a plan to target and solicit these companies. In order to align interests, management was given stock options in the business (in addition to the capital they invested alongside Century Park) to allow the team to benefit from the successful implementation of the consolidation and market expansion plan.
During its investment period, Century Park worked with management to facilitate five add-on acquisitions, including two acquisitions outside of Eckler’s core Corvette and Classic Chevy markets. Following Century Park’s investment, Eckler’s almost doubled its revenue in approximately five years through organic growth and acquisitions, and was ultimately sold to a financial buyer. Some of the key Century Park initiatives that facilitated the company’s growth included:
- Acquired three strategic players in the Chevy market as well as a key player in the Ford market allowing Eckler’s to extend its business into new product categories and expand its presence in its core markets.
- Acquired a leading supplier of Porsche and Mercedes parts and accessories to expand Eckler’s direct marketing platform into those new markets.
- Recruited and hired an experienced CFO to augment the management team.
- Enhanced operations by recruiting new heads of Marketing, Web Strategy, and Supply Chain.
- Developed and implemented an operational improvement program to enhance the overall efficiency and profitability of Eckler’s.
- Implemented a management incentive stock option plan for existing and new management.