LOS ANGELES--(EON: Enhanced Online News)--Covercraft Industries, LLC announced today that it is adding ADCO Products, the market leader in custom-fit recreational vehicle covers and related protection accessories, to its stable of brands. This expanded platform will create the largest branded vehicle cover manufacturer in the world and will allow the businesses to cross-merchandise existing products into each of their respective markets.
“We are excited to partner with the Covercraft team. Covercraft's experience as the leader in vehicle protection products for the automotive market, and ADCO's position as the industry standard in the RV market, enhanced by our PCI line of lawn and garden protective covers, make for an exceptionally strong alliance.”
Mark Korros, President and CEO of Covercraft, noted, "ADCO has the core values and a passion for what they do that is unparalleled in their market segment, making it a perfect union with our vision for Covercraft. The opportunities that this combination presents for both companies are truly exciting, and I am looking forward to a successful future together. We are enthusiastic about the growth potential of ADCO and are committing significant resources to design, product development and inventory to help fuel the ADCO business."
Morgan Ein, General Manager - RV Division and VP of Sales and Marketing of the newly-merged company (and former President of ADCO), said, "We are excited to partner with the Covercraft team. Covercraft's experience as the leader in vehicle protection products for the automotive market, and ADCO's position as the industry standard in the RV market, enhanced by our PCI line of lawn and garden protective covers, make for an exceptionally strong alliance."
ADCO will continue to service its customer base under the ADCO and PCI brand names and will operate as a division of Covercraft. ADCO's sales and management team members will all transition into similar roles within the merged company.
Guy Zaczepinski, Managing Partner with Century Park Capital Partners and Chairman of Covercraft, commented, "The combination of Covercraft and ADCO will open up a wide range of market synergies for both companies as they are able to cross-sell products to each other's existing customer bases. This transaction creates a company with unbelievable brand equity in the vehicle protection space. We couldn't be more excited to have Morgan Ein join our company and our board to begin this next chapter for Covercraft."
About ADCO Products, Inc.:
ADCO Products, Inc. is a market leader in custom-fit recreational vehicle covers and related protection accessories. The company also provides protective covers for the lawn & garden furniture channel. ADCO was founded in 1955 and is headquartered in Valencia, CA. For more information on ADCO, please visit www.adcoprod.com.
About Covercraft Industries, LLC:
Covercraft Industries, LLC is a market leader 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. Covercraft was founded in 1965 and is headquartered in Pauls Valley, Oklahoma. 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. 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. We leverage our Executive Council to invest in companies within their particular domain expertise, and then further support our investments with proven operational and strategic initiatives including buy-and-build acquisition programs, process improvement plans and infrastructure additions. For more information on Century Park Capital Partners, please visit www.cpclp.com.