Heartwood Partners Sells Aftermarket Performance Group

Heartwood Partners Sells Aftermarket Performance Group

APG is a vertically integrated direct-to-consumer, eCommerce-retailer, private-label manufacturer, and distributor of performance automotive aftermarket parts and accessories.

Heartwood Partners announced that on April 5, 2021, Heartwood Partners Fund II, LP exited its investment in Aftermarket Performance Group (APG) in a sale to Ripple Industries LLC.

APG is a vertically integrated direct-to-consumer, eCommerce-retailer, private-label manufacturer, and distributor of performance automotive aftermarket parts and accessories for enthusiasts serving the pickup truck, compact performance, and Jeep and off-road segments.  APG delivers aftermarket performance parts to millions of customers annually. 

During Heartwood Partners’ ownership, APG completed six add-on acquisitions, successfully bolstering its direct to consumer, manufacturing, and distribution channels and creating a higher-quality, more robust offering for its customers. Additionally, the company built a world-class team that was integral in improving and integrating APG’s operating technology, analytics, and ERP system, organizing a strong supply chain, establishing an enthusiast culture, creating a private label offering, and expanding APG’s geographic footprint. The company operates five primary fulfillment centers, one manufacturing facility, and four sales offices throughout the U.S.

Russ Spieler, managing director at Heartwood Partners, stated, “It has been a pleasure working alongside the APG team for the past several years and we are proud of what has been accomplished. Everyone at Heartwood Partners is looking forward to following APG’s success throughout its next phase of growth.”

APG CEO, Mike Sinoway commented, “Under Heartwood Partners’ guidance, APG has grown into a leading aftermarket accessories business. The company has been a strong platform for growth while simultaneously improving the customer experience. We have a great future ahead of us with new investment from Ripple and are excited for the next chapter. We will continue to execute our mission of delivering enthusiast passion at enterprise scale.”

William Bishop of Ripple stated, “We are excited to partner with the APG management team to invest in and accelerate the growth of APG across the automotive enthusiast sector. We look forward to pursuing a multi-pronged growth strategy for APG, including both organic initiatives and strategic acquisitions.  Building on APG’s leading brands and furthering its focus on customer service, we share a common vision with the management team for the potential of APG.”

Current management of APG will continue to lead the business going forward under Ripple’s ownership. 

Finn Dixon & Herling LLP served as legal advisor and Jefferies served as exclusive financial adviser to APG and its investors.  Latham & Watkins LLP served as legal advisor to Ripple and King & Spalding LLP served as legal advisor to APG management.

You May Also Like

Standard Motor Products Releases Q4, 2023 Year-End Results

Eric Sills, chairman and CEO, said the company is looking to continue to find ways to better service customers and explore opportunities to partner for growth in 2024.

Financial-results

Standard Motor Products, Inc. released its consolidated financial results for the fourth quarter and full year ending December 31, 2023. The company reported fourth-quarter net sales of $290.8 million, compared to $308.2 million in the same period in 2022. Earnings from continuing operations for the quarter were $7.2 million or $0.32 per diluted share, down from $8.5 million or $0.39 per diluted share in Q4 2022. Excluding non-operational gains and losses, earnings were $8.2 million or $0.37 per diluted share, compared to $15.1 million or $0.69 per diluted share in the previous year.

Phinia Reports Q4 Results & 2024 Outlook

Phinia reported that it expects strong earnings and cash generation in 2024, driven by operational efficiencies, and growth in aftermarket sales.

financial results
GPC Delivers on 2023 Financial Goals

GPC reported mid-single-digit total sales growth and its third consecutive year of double-digit earnings growth.

MPA Reports Strong Financial Results for Fiscal Q3 2024

MPA’s Q3 results showed increases in net sales, operating income and cash flow from operating activities.

O’Reilly Reports Q4, Full-Year 2023 Financial Results

The company said it anticipates continued growth in 2024, with projections including 190 to 200 net new store openings.

financial results

Other Posts

Solero Technologies to Acquire Kendrion’s Automotive Business

The acquisition would expand Solero’s presence with the addition of five European plants located in the Czech Republic, Germany and Romania, as well as one plant in the U.S.

Solero Technologies to Acquire Kendrion's Automotive Business
Dill Air Controls Acquires Exactra, Inc.

“The expertise and equipment from Exactra’s many years of experience in the industry are critical to our continued growth,” said Brian Rigney, Dill president.

Dill Air Controls Acquires Exactra Inc.
Fenix Parts Completes Acquisition of Neal Auto Parts

Neal is an automotive recycler servicing the Central Illinois market with a population of approximately 1.3 million people.

Sun Auto Tire & Service Expands Texas Store Count

The company has acquired Carrollton Complete Automotive, which offers a range of automotive services.

Sun Auto and Tire