Century Park Capital Partners (Century Park) is pleased to announce that it has completed the sale of Covercraft Industries (Covercraft) to Audax Private Equity.
Covercraft is a leading branded manufacturer of custom vehicle protection products including automotive covers, seat covers, front end masks, dashboard covers, window sunscreens, RV covers, boat covers, bimini tops, and other products that “protect the things that move you”. The company focuses on custom-fitted covers with a library that includes more than 300,000 patterns for distinct automotive, marine and outdoor protection products.
Covercraft was founded by Bob Lichtmann in 1965, who established the company as a leading brand in the custom automotive accessory market. Marty Lichtmann, son of the founder, served as President and CEO when the family sold majority control of the company to Century Park in 2015. Under Century Park, Covercraft has enjoyed positive growth in the automotive sector with the acquisition of premier seat cover brands GT Covers and Marathon Seat Covers. Additionally, the company made an entrance in the RV and marine markets with the acquisition of ADCO and Carver Industries, respectively.
Matt Jordan, CEO of Covercraft, said “We’re terrifically excited to be part of the Audax family moving forward. Audax is not only one of the leading private equity funds in the United States, but one with a great track record of helping companies increase in scale while retaining the values they were founded on. The Lichtmann family started Covercraft with a focus on creating the best vehicle protection products possible – and did so with a huge emphasis on integrity and quality. We’re committed to retaining those core values”.
“Covercraft introduced the first custom fit car cover more than 55 years ago. Our company history is rich with innovation, development and exceeding customer expectations”, says Morgan Ein, EVP of Sales and Marketing for Covercraft. “Audax will bring the experience and resources that we believe will help us scale our business while allowing us to retain sight of our core strengths of product fitment, quality and customer relations”, continues Ein.