Los Angeles, California – Avante Mezzanine Partners announced today that it has provided subordinated debt and equity co-investment to support the acquisition of Auto Meter Products, Inc. by Promus Equity Partners, LLC. Headquartered in Sycamore, IL, Auto Meter is the world’s leading developer and manufacturer of branded performance instrumentation systems and ruggedized video and data recorders for the specialty automotive market. Auto Meter instrumentation and video/data systems are used on vehicles from NASCARTM and Formula 1TM racecars, to street rods and muscles cars, to fire trucks and harsh environment commercial and military vehicles. Within the automotive aftermarket, Auto Meter is a “must carry” product and enjoys the highest level of brand name recognition in the industry.
Auto Meter has also established a market leading position for professional-grade automotive electrical system diagnostic and battery maintenance equipment. Auto Meter’s market share in this dynamic market segment has been growing rapidly as automotive technicians and national retailers have increasingly turned to Auto Meter equipment to help them improve customer satisfaction, increase sales, and reduce costs.
“Avante proved to be an ideal partner for this investment,” said Sarah Wuellner, a Partner at Promus Equity. “They were easy to work with throughout the entire process and added significant value through their partnership approach, flexibility, and responsiveness. We look forward to working with the Avante team on future opportunities.”
“We are thrilled to work with Promus Equity Partners on this transaction,” said Jeri Harman, Founder and Partner of Avante. “Sarah and her team have an accomplished track record in the automotive aftermarket and we were impressed with their thoughtfulness throughout the due diligence process. We look forward to supporting Promus and the Auto Meter management team as they execute on several compelling growth opportunities.”
“Auto Meter is an excellent addition to the Avante portfolio,” said Ivelisse Simon, Vice President of Avante. “The company has a long history of being the leading brand in its category with a loyal customer base across multiple channels and SKU’s. The company’s strong management team, in partnership with Promus, is well positioned for continued success.”
Jeff King, Auto Meter’s President and CEO, said, “We are a technology driven company and pride ourselves on providing first-to-market solutions for a diverse group of automotive enthusiasts, professional and sportsman racers, and automotive service professionals. Our leading technology resonates with our customers and has helped to build very strong loyalty around our market leading brands including: Auto MeterTM, StackTM, Spek-ProTM, DedenbearTM, and Battery ExtenderTM. We are thrilled to partner with Promus and Avante as we continue to build our company and bring even more exciting technology to our customers.”