SAN FRANCISCO — JH Partners LLC, a San Francisco-based private equity firm, has acquired Bell Automotive Products from Los Angeles-based private equity firm Brentwood Associates. JH Partners bought the business for approximately $60 million.
Based in Scottsdale, Ariz., Bell Automotive is a supplier of automotive convenience accessories, such as air fresheners, seat and steering wheel covers and other products which are sold at major nationwide retailers such as Wal-Mart, Target and automotive supply chains.
JH Partners teamed up with one of its senior operating partners, Terry Lee, to acquire the company. Lee is currently co-chairman of Bell Automotive, a role he shares with his longtime business partner Mary George.
Lee previously served as chairman, CEO and COO of Bell Sports, another consumer products company in the Bell family, whose revenues grew from $28 million to $207 million during his tenure. George is also a former CEO and COO of Bell Sports. At Bell Sports, Lee worked extensively with John Hansen, president of JH Partners, who was responsible for an equity investment in that company.
“As a branded consumer products company with superior growth in a highly fragmented industry, Bell Automotive is a natural fit for JH Partners,” said Hansen. “We’re very pleased to partner with Terry Lee and Mary George, under whose leadership the company’s growth continues to outpace that of the industry.”
“JH Partners brings significant industry experience, and John Hansen and I have worked closely in the past,” said Lee. “Our partnership with JH Partners will help Bell Automotive continue to build out its line of auto accessory products, and increase shelf space at the nation’s leading retail stores.”
The company will continue to be headquartered in Scottsdale with a distribution center in Des Moines, Iowa. The senior debt financing was underwritten by Harris Trust and Savings Bank and Harris’ mezzanine fund, Harris Nesbitt Capital, led the subordinated debt financing for the transaction.
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