Monomoy Capital Partners II, L.P. announced it completed the sale of its portfolio company, High Performance Industries, Inc. (“Holley”) to Lincolnshire Equity Fund IV, L.P. Financial terms of the transaction were not disclosed.
Headquartered in Bowling Green, KY, Holley is a leading manufacturer of high-performance automotive aftermarket products, including carburetors, electronic fuel injection kits, exhaust headers and fuel pumps. The company markets its products through a portfolio of iconic American brands, including: Holley®, Hooker Headers®, Flowtech®, Nitrous Oxide Systems® or (“NOS”), Earl’s®, and Weiand®. Holley operates two manufacturing facilities in Kentucky and Mississippi, and employs approximately 350 associates.
Monomoy acquired Holley in June of 2012 and immediately implemented a value creation plan that included investment in research and development to accelerate new product development, improved manufacturing and sourcing efficiencies, and the strategic acquisition of Quick Fuel Technology -- a leading manufacturer of high performance carburetors.
“We are extremely proud to help revitalize the Holley brand,” said Justin Hillenbrand, a partner at Monomoy. “By working with management to implement our value creation plan, we have achieved a significant return for our Limited Partners in less than 16 months of ownership. The execution of our strategy has positioned Holley for long-term growth.”
Tom W. Tomlinson, the company’s chief executive officer, added, “Monomoy was a great partner for us. Their focus on creating value through manufacturing excellence made Monomoy the right owner at the right time for our company.”
BB&T Capital Markets acted as the financial advisor to Holley. Kirkland & Ellis provided legal representation to Monomoy in the transaction.