MidOcean Partners, a premier middle market private equity company that is focused on the consumer sectors and business services announced that, it has purchased Cloyes from the Hidden Harbor Capital Partners. The company ‘Cloyes’ has been a drive systems and engine components for the manufacturers of the original equipment and the automobile aftermarket, along with selling the products under the brand of C;oyes throughput the region of North America.
The company MidOcean Partners has been planning to continue with the aggressive growth plan of the company through the comprehensive organic initiatives, and the financial details of the acquisition has been revealed. The transaction has also been representing the third investment of MidOcean Partners in the aftermarket industry after the completeion of the investments in the FullSpeed Automotive, which has been a leading automobile aftermarket services company having more than 700 locations purchased in the month of November 2020.
Daniel Penn, managing director at MidOcean Partners said, this investment in the Cloyes has been marking the third investment in the automotive aftermarket space in the past 15 months, and they are continuing to see some significant tailwinds in the automobile aftermarket space and they are thrilled for bringing Cloyes into the portfolio of the products and services has been invested behind.
John Hanighen said, they are very excited for partnering with the MidOcean Partners for accelerating the growth and innovation for the Cloyes company, and MidOcean is also having an impressive track record in the execution of the transformational growth.
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