MidOcean Partners, a middle market private equity firm focused on the business services and consumer sectors, has acquired Cloyes from Hidden Harbor Capital Partners.
Cloyes is a North American specialist in timing drive systems and engine components for original equipment manufacturers and the automotive aftermarket, selling its products under the Cloyes brand throughout North America and Dynagear in Mexico.
MidOcean Partners plans to continue the Company’s aggressive growth plan through comprehensive organic initiatives and strategic M&A. Financial terms of the transaction were not disclosed.
This transaction represents MidOcean’s third recent investment in the auto aftermarket industry after completing investments in FullSpeed Automotive, a leading auto aftermarket services platform with over 700 locations purchased in November 2020, and Holley Inc. (NYSE: HLLY), a leading designer, marketer, and manufacturer of high-performance automotive aftermarket products for car and truck enthusiasts, through its merger in July 2021 with Empower Ltd. a publicly traded special purpose acquisition company formed by MidOcean Partners.
