If you had any doubts that private equity’s involvement in the automotive aftermarket was heating up, the events of the past week should surely convince you.
This week alone, three major private equity deals went down, including the sale of FleetPride to TPG, which also owns American Tire Distributors. In addition, HHI, which owns the FormTech and Cloyes Gear brands, among others, was sold to American Securities LLC; and Apex Tool Group, jointly owned by Danaher and Cooper Industries, was sold to the much-talked-about Bain Capital.
In other top industry news this week, the Automotive Distribution Network reported a record turnout for its fall membership meeting. More than 95 percent of its members and more than 60 manufacturer partners were represented at the event, which was held at the Biltmore Hotel in Coral Gables, Fla.
A candid take on the role of technology and specifically, e-commerce, was offered up in this week’s AMN Executive Interview featuring Stan Gowisnock, president and CEO of DST Inc. In the interview, Gowisnock said it’s no longer about simply offering e-commerce solutions; today it’s about offering complete e-business solutions.
A FEW SIDE NOTES
Fuel for the Fire
Busy and hungry AAPEX-goers will be happy to know there will be a number of convenient and delicious new food options at AAPEX this year. According to this week’s AAPEX Attendee newsletter, the show this year will feature three Wi-Fi-enabled cafes, styled to look like trendy streetside food trucks. Look for a truck in the Upper Lobby offering baked goods and desserts, two trucks in the Hall D extension with Gourmet grilled cheese and pulled pork and three trucks in the Lobby Level Hall G with Asian noodles, tacos and Philly cheesesteaks. And, don’t worry about all the calories, we both know you’ll walk it all off on the show floor.
New Ways to Reach Out
Earlier this week, aftermarketNews launched the new AMN Reader Group on LinkedIn, our latest foray into social media. We invite you to join this exciting new group, and also join in the conversations taking place with us on Twitter and Facebook. See you there!
