Promus Equity Partners has played a crucial role in the strategic acquisition of COBB Tuning, LLC by Auto Meter Products, Inc., marking a significant move within the automotive aftermarket industry. This acquisition was supported by a financial partnership with Avante Mezzanine Partners, who provided both subordinated debt and equity co-investment, underscoring the collaborative nature of this significant deal.
As a key driver behind this acquisition, Promus Equity Partners, renowned for its expertise in fostering growth within middle-market companies, has once again demonstrated its strategic investment capabilities. Steve Brown, a Partner at Promus Equity Partners and Chairperson of Auto Meter’s Board of Directors, highlighted the strength of the partnership with Avante, noting their established successful relationship and the seamless execution of the acquisition process. Promus’s leadership in this deal emphasizes their ongoing commitment to bolstering Auto Meter’s market position through strategic expansions, such as the addition of COBB Tuning to its portfolio.
COBB Tuning, now integrated into the Auto Meter group, is celebrated as a leading designer, manufacturer, and rapidly expanding retailer specializing in high-performance automotive products. With a focus on small displacement, turbocharged engines for a range of popular models including Subaru, Mazda, Mitsubishi, Nissan, Ford, BMW, and Porsche, COBB Tuning brings a robust brand reputation and advanced technological capabilities to Auto Meter. This acquisition is strategically aligned to broaden Auto Meter’s reach within the performance automotive sector and capitalize on COBB’s established direct-to-consumer retail channels, including its physical stores located in Texas, Oregon, and California.
Avante Mezzanine Partners, a returning investor in Auto Meter, was instrumental in providing the financial backing for this acquisition. Jeri Harman, Founder and Partner of Avante, emphasized the compelling strategic fit between COBB Tuning and Auto Meter, recognizing their shared dominance in niche markets and their passionate, loyal customer bases. Avante’s continued investment alongside Promus and Auto Meter’s management signals strong confidence in the growth trajectory of the newly combined entity. The financing syndicate also included PNC Mezzanine, who contributed mezzanine debt and further equity co-investment, reinforcing the robust financial foundation supporting this acquisition.
