Los Angeles, California – Avante Mezzanine Partners announced today that it supported the acquisition of COBB Tuning, LLC by Auto Meter Products, Inc. and Promus Equity Partners, LLC with subordinated debt and equity co-investment. COBB has established itself as a premier full-line designer, manufacturer and fast growing retailer of performance products for small displacement, turbocharged engines for select Subaru, Mazda, Mitsubishi, Nissan, Ford, BMW and Porsche models. COBB enjoys strong brand recognition within the market it serves and utilizes its engineering talent to provide customers with the latest technology. In addition to its main headquarters in Austin, Texas, COBB has three retail stores located in Plano, Texas; Portland, Oregon; and Fountain Valley, California.
“We are excited to have Avante as our partner for this investment,” said Steve Brown, a Partner at Promus Equity Partners and Chairperson of Auto Meter’s Board of Directors. “Avante was an original investor in Auto Meter and they were again there to support us for our add-on acquisition of COBB. They have proven to be a great partner and they made the entire acquisition process simple and easy.”
“We are thrilled with the add-on acquisition of COBB,” said Jeri Harman, Founder and Partner of Avante. “COBB is a great strategic fit with Auto Meter. Both companies are dominant market leaders within their niche markets and both have loyal, enthusiast customers who are passionate about their vehicles. We look forward to continuing to work with Promus and management as they grow the business.”
Avante Mezzanine Partners was joined in the financing by PNC Mezzanine who provided mezzanine debt and an equity co-investment to support the acquisition.