NEW YORK--(EON: Enhanced Online News)--Monomoy Capital Partners II, L.P. (“Monomoy”), a New York private equity fund focused on value investment and business improvement, announced today that it completed the sale of its portfolio company, High Performance Industries, Inc. (“Holley”) to Lincolnshire Equity Fund IV, L.P. Financial terms of the transaction were not disclosed.
“By working with management to implement our value creation plan, we have achieved a significant return for our Limited Partners in less than 16 months of ownership. The execution of our strategy has positioned Holley for long-term growth.”
Headquartered in Bowling Green, Kentucky, Holley is a leading manufacturer of high-performance automotive aftermarket products, including carburetors, electronic fuel injection kits, exhaust headers and fuel pumps. The company markets its products through a portfolio of iconic American brands, including: Holley®, Hooker Headers®, Flowtech®, Nitrous Oxide Systems® or (“NOS”), Earl’s®, and Weiand®. Holley operates two manufacturing facilities in Kentucky and Mississippi, and employs approximately 350 associates. The company’s products are described in detail on www.holley.com.
Monomoy acquired Holley in June of 2012 and immediately implemented a value creation plan that included investment in research and development to accelerate new product development, improved manufacturing and sourcing efficiencies, and the strategic acquisition of Quick Fuel Technology -- a leading manufacturer of high performance carburetors.
“We are extremely proud to help revitalize the Holley brand,” said Justin Hillenbrand, a Partner at Monomoy. “By working with management to implement our value creation plan, we have achieved a significant return for our Limited Partners in less than 16 months of ownership. The execution of our strategy has positioned Holley for long-term growth.”
Tom W. Tomlinson, the company’s Chief Executive Officer, added, “Monomoy was a great partner for us. Their focus on creating value through manufacturing excellence made Monomoy the right owner at the right time for our company.”
BB&T Capital Markets acted as the financial advisor to Holley. Kirkland & Ellis provided legal representation to Monomoy in the transaction.
About Monomoy Capital Partners
Monomoy Capital Partners is a private equity firm with $700 million in committed capital that makes controlling investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice industries. Over the past five years, Monomoy has closed over 40 middle market acquisitions, and its companies currently produce over $1.1 billion in combined sales and employ more than 4,500 people across four continents, from North America to Asia. Monomoy implements customized business improvement programs in all portfolio companies that reduce operating expenses, increase profitability and encourage growth. Please visit www.mcpfunds.com for a detailed review of Monomoy and its portfolio.