September 19, 2017 - We are pleased to announce that SRP Advisors initiated the transaction and acted as financial advisor to Covercraft Industries, LLC in connection with the acquisition of GT Covers. Covercraft is a market-leading player in the custom automotive accessory market, providing premium quality exterior and interior protection products. Covercraft is the world’s largest manufacturer of custom-patterned vehicle covers, with a library that includes more than 400,000 distinct cover patterns for automobiles, RVs, power sport vehicles and outdoor furniture. Additional product lines include custom front and rear seat protectors, front end masks, dashboard covers, floor mats, window heatshields and pet protection products, among others. Operating since 1982, GT Covers is a manufacturer of premium-quality, USA-made custom-fit vehicle seat covers with a broad product offering that encompasses thousands of patterns available in a variety of premium fabrics and leathers. GT Covers’ prior Owner and President Gary Walsh will assume the role of VP Manufacturing of Custom Seat Covers within Covercraft, and GT Covers will continue to service its customer base under the GT Covers and Precision Fit brand names out of its existing facility in Colorado.
This transaction extends the successful track record of SRP Advisors working with leading companies in the automotive accessories market.
““We have a strong and highly-energized team, with a true leadership position in the products we bring to market. Our focus remains on delivering custom-fit, premium quality products, exceptional customer service, and market-leading technology across all of our product offerings. The addition of GT Covers catapults us to an even stronger leadership position in the seat cover and interior vehicle protection categories.”
Mark Korros, CEO
Covercraft Industries
For more information about this transaction or the merger and acquisition advisory services of SRP Advisors, LLC, please contact Sean Prendergast, Managing Partner at 818-514-8959.
About Covercraft Industries, LLC
Covercraft Industries, LLC is a market-leading player in the custom automotive accessory market, providing premium quality exterior and interior protection products. The company is the world’s largest manufacturer of custom-patterned vehicle covers, with a library that includes more than 400,000 distinct cover patterns for automobiles, RVs, power sport vehicles and outdoor furniture. Covercraft is also known for its SeatSaver™, LeBra®, DashMat®, UVS100® Sunscreens and Colgan Custom® brands. Covercraft is headquartered in Pauls Valley, Oklahoma with additional manufacturing facilities in Wichita Falls, Texas; Mexico; and Australia. Additional product lines include custom front and rear seat protectors, front end masks, dashboard covers, floor mats, window heatshields and pet protection products, among others. Covercraft is certified to both ISO/TS16949:2009 and ISO 14001 standards. Covercraft, with more than 700 employees, was founded in 1965 by the Lichtmann family who are still involved with the company today. Covercraft is a portfolio company of Century Park Capital Partners. For more information on Covercraft, please visit www.covercraft.com.
About SRP Advisors, LLC
SRP Advisors, LLC provides merger and acquisition advisory services to both buyers and sellers of middle market companies. SRP Advisors works with owners of private companies across all industry segments who might be interested in exploring alternatives for their company such as a full or partial sale of the business, an investment in the business from a private equity group, or a transition of ownership to management or the next generation of family. SRP Advisors also provides strategic acquisition advisory services for public, private and private equity sponsored companies looking to grow their business through mergers and acquisitions. Contact Sean Prendergast, Managing Partner at 818-514-8959.