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Auto aftermarket supplier sells to private equity firm

February 22, 2017
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AGS
Muskegon-based AGS is an aftermarket supplier of auto parts and lubricants. Photo via fb.com

A maker of aftermarket auto parts and lubricants in the region has been sold to a private equity firm.

Pittsburgh-based 3 Rivers Capital, or 3RC, said it purchased Muskegon-based American Grease Stick Company, or AGS, which also has operations in the U.K.

Details of the transaction were not disclosed.

AGS makes branded automotive fluid transfer lines and related products.

AGS’ customers include retailers such as Advanced Auto Parts, AutoZone, Pep Boys, National Hardware Retailers and a mix of wholesalers. 

3RC said it plans to partner with current AGS management to “grow and develop” the company’s markets and product offerings.

Logan Pitts, president of AGS, said he and his team “have worked with 3RC to develop a strategic plan that focuses on new product development, organic growth and contemplating complementary strategic acquisitions in the automotive aftermarket.”

The acquisition of AGS was the result of a “two-year proactive initiative targeting the automotive aftermarket industry as an investment platform for 3RC,” according to Rob Carskadden, managing director, 3RC.

3RC is a lower middle-market private equity firm focusing on controlled buyouts and recapitalizations of small private companies.

PNC Mezzanine Capital and JP Morgan Chase provided debt financing in conjunction with the transaction.

The firm Metz Lewis Brodman Must O’Keefe served as legal counsel to 3 Rivers Capital, and Stout Risius Ross acted as the investment banker for the selling shareholders of the Rosen family.

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