Industrial Opportunity Partners Invests in Edelbrock
Evanston, IL - June 17, 2010 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, IL, announced that it has partnered with Vic Edelbrock, Jr. and other existing shareholders in an investment in Edelbrock LLC (“Edelbrock” or the “Company”) of Torrance, Calif.
Edelbrock is a leading national manufacturer, distributor, and marketer of high-performance automotive aftermarket products. Founded 71 years ago, Edelbrock has grown to become among the most recognizable consumer brand in the automotive aftermarket industry, synonymous with superior quality, customer satisfaction and proven performance. Operating from six manufacturing and distribution facilities located in Southern California, the Company offers over 8,000 product SKUs, such as intake manifolds, carburetors, cylinder heads and supercharger systems, and maintains a strong distribution network with leading automotive retailers, mail order catalogue houses, warehouse distributors and performance specialty dealers.
IOP is partnering in its investment with Vic Edelbrock, Jr., an industry icon who has led the Company since 1962, as well as other shareholders and members of the Edelbrock family. Mr. Edelbrock will be the Chairman of the Company and will continue to provide his leadership, ingenuity, and industry knowledge to the executive management team at the Company. IOP Operating Principal, John Colaianne, will assume the position of President of the Company alongside Mr. Edelbrock and will be actively involved with daily operations. Mr. Colaianne, who has significant experience in automotive component and general manufacturing, is a member of IOP’s Board of Operating Principals, which is comprised of seasoned executives who provide leadership to businesses in which IOP invests.
Bob Vedra, Managing Director of IOP, stated, “On behalf of IOP, we are very excited to partner with Vic and his family in Edelbrock, a business whose strong brand is rooted in the Company’s history of innovation and its leading product portfolio of performance automotive aftermarket components.” IOP Managing Director Adam Gottlieb added, “IOP is excited to work with Edelbrock’s customers, vendors and employees to build on these strengths and continue to grow this legendary Company.”
Mr. Edelbrock commented, “IOP will provide the capital and operating perspective to allow us to take advantage of our tremendous new product opportunities and to further develop our Company as the premier provider of high quality, proven performance parts.” Mr. Colaianne added, “I look forward to working closely with Vic, his team and all Edelbrock associates in continuing this tradition of product excellence.”
Edelbrock represents IOP’s seventh platform company in its current $185 million committed fund. Notably, the investment in Edelbrock is the fourth consecutive platform investment made by IOP in family-owned businesses in partnership with their existing shareholders.
The Spartan Group, a Pasadena, California-based investment banking firm specializing in mergers and acquisitions, represented Edelbrock and its shareholders in this transaction.
About Edelbrock Holdings, Inc.
Edelbrock is a leading national manufacturer, distributor, and marketer of high-performance automotive aftermarket products. The Company operates from six manufacturing and distribution facilities located in Southern California. For more information, visit Edelbrock’s website at www.edelbrock.com.
About Industrial Opportunity Partners
IOP is an Evanston, Ill.-based operations-focused private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses. For more information, visit IOP’s website at www.iopfund.com.