Leading lower-middle-market private equity firm Huron Capital announced its aftermarket car accessories and restoration parts platform Drake Automotive Group has acquired Boulder, Colorado-based Proforged, a designer and distributor of chassis parts. The deal marks the fourth add-on acquisition for the Drake platform investment in less than two and a half years. Since 2016, Drake also has acquired Fender Gripper, Carroll Shelby Wheel Company and OG Innovations.
Proforged has a strong presence in the wear-and-tear replacement market with more than 2,000 steering and suspension products across all major vehicle platforms and brands sold online to auto parts retailers. Proforged was founded by Zack Kanter in 2010 and is currently led by operations manager Tony Ou.
“Drake and Proforged share common core values – a commitment to making aftermarket parts that help car owners keep their muscle cars, off-road vehicles and classic cars going fast – making this transaction a natural fit,” said Drake CEO Keith Belair. “And like our prior acquisitions, we believe the combination of Drake and Proforged will better position both companies for growth and provide a better experience for our customers.”
“Huron Capital has a history of providing companies with the support and guidance needed to achieve growth through acquisition,” said Kanter. “We are excited to be part of Drake and look forward to seeing continued success as we bring our comprehensive mix of steering and suspension products into Drake’s expansive portfolio of aftermarket accessories.”
“With this transaction, Drake adds a steering and suspension parts supplier,” said Huron Capital Vice President Michael Zukas. “We believe the expertise and capabilities Proforged offers will complement and strengthen Drake’s position within the automotive aftermarket parts industry.”