An affiliate of Castle Harlan Partners V has signed a definitive agreement to acquire IDQ, a manufacturer of branded automotive aftermarket products for servicing and repairing automotive air conditioners.
The transaction is expected to close in June and is subject to the satisfaction of various conditions.
The company will continue to operate under the IDQ name. IDQ products, such as air conditioning recharge and retrofit kits, refrigerant blends, specialty chemicals, straight refrigerants, and a wide range of complimentary DIY and professional use items, are sold to consumers through a blue-chip customer base representing approximately 25,000 retail stores.
These include national chains such as AutoZone, Advance Auto Parts, Wal-Mart, O’Reilly, Napa, Pep Boys, and others.
IDQ is being sold by Arsenal Capital Partners, a private equity firm based in New York.
IDQ is headquartered in Garland, Texas and has offices in Tarrytown, New York. IDQ’s management will continue to operate the company and will be investing in the transaction alongside Castle Harlan Partners V.
IDQ chief executive Michael Klein says: "We welcome the opportunity to be a part of Castle Harlan’s team. The transaction will allow us to build on our already unparalleled breadth of product offerings and give our customers, and the market in general, a strong and shared cultural focus on quality, service and value."
Marcel Fournier, the senior managing director who led the Castle Harlan team, adds: "We at Castle Harlan look forward to working closely with IDQ to help it continue to grow in the years ahead. We are confident that IDQ has tremendous upside potential and could also be a strong base on which to add, through acquisitions, some other valuable brands and products."