Monomoy Capital Partners – a private investment firm focused on private equity and credit investing in the middle market – recently announced it has entered into a definitive agreement to sell Sportech, a leading designer, manufacturer, and assembler of cab components and assemblies for a wide range of OEM customers, to Patrick Industries.
The deal is expected to close on or before January 24, 2024, and is subject to customary closing conditions and regulatory approval. And Monomoy invested in the founder-owned business in 2019 and has since worked along with the management team, many of whom have been with the company for multiple decades, on significant revenue growth and operational improvement initiatives that positioned the company to be recognized as one of the premier powersports platforms in the country.
Based in Elk River, Minnesota, with three manufacturing locations across the state, Sportech offers integrated door systems, windshields, roofs, canopies, bumpers, fender flares, and cowls across the power sport, golf, and turf, industrial, and agriculture end markets. And Sportech offers highly engineered and customized products for specific applications and end uses.
Sportech is a company that designs, manufactures, and assembles cab components and systems for the power sports, golf, and turf, industrial, and agricultural end markets. And Sportech’s design and engineering capabilities allow the company to provide complex components and assemblies to its original equipment manufacturer customers.
Monomoy’s partnership with Sportech was defined by the team’s commitment to implementing operational improvements and long-term strategic planning to drive organic growth. And Monomoy believes that its nearly twenty years of experience investing in family- and founder-owned middle-market industrial and consumer businesses is the foundation of its success in implementing operations-driven value-creation strategies across its portfolio.
Baird served as the exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Sportech and Monomoy with respect to the transaction.
KEY QUOTES:
“In this journey with our valued partners at Monomoy, we found not only a team of experienced operators but also a cohort of likeminded collaborators who understood the strength of our existing leadership team’s expertise. Monomoy’s experience working with founder-owned companies helped us equip the legacy Sportech management team with tools to amplify the company’s success and create long-term value for our team and partners. As we begin this exciting new chapter with Patrick, we are poised to build on that momentum to become an even stronger resource and supplier to the powersports and adjacent markets.”
— Sportech CEO Jim Glomstad – who joined the company in 2010 before stepping into the CEO role upon Monomoy’s acquisition
“Sportech’s growth underscores the unique strength of our closely integrated teams and their commitment to our supportive approach as companies make the leap from a family- or founder-led operation to an enterprise with even broader scale and breadth. We are honored to have worked alongside the company’s management team to exceed the goals we outlined together, and we are confident they are well-equipped for continued success as they join the Patrick family of brands.”
— Monomoy Founding Partner and Co-CEO Dan Collin
