Irving Place Capital (IPC), a middle-market private equity firm, today announced the completion of its acquisition of the Coker Group, in partnership with Coker President and CEO Wade Kawasaki, and the current Coker Group leadership team. The deal was first announced in mid-November.
The Coker Group consists of the Coker Tire, Wheel Vintiques, Universal Vintage Tire, Phoenix Race Tires, Specialty Wheel and Roadster Wire Wheel brands. Tennessee-based Coker Tire Co. is the world’s largest manufacturer/supplier of collector vehicle tires and motorcycle tires, with distributors in more than 30 countries.
The sale comes after five years of continuous growth for the Coker Group under Kawasaki, who will remain at the helm of the company. The Coker Group will continue to operate with the same leadership team and staff that helped drive that growth, while expanding both its range of products and its portfolio of companies.
“We are excited to work with Wade and the Coker Group – this partnership positions the company for long-term growth both domestically and internationally,” said IPC Co-Managing Partner Phil Carpenter. “The Coker family built a brand and a portfolio of companies that are beloved by enthusiasts around the world. By partnering with Wade and his team we will together advance that legacy well into the future.”
Irving Place Capital is an active investor in the industrial sector. It is currently the majority owner of another vehicle aftermarket company, Dynojet Research, which is a leading manufacturer of innovative, performance products for powersport vehicles including motorcycles, UTVs and snowmobiles.
“We intend to accelerate growth with our partners at Irving Place Capital as we expand into newer models and markets while continuing to serve the traditional restoration market that has been our home for six decades,” Wade Kawasaki said. “Coker Group will continue to provide our customers with the same best-in-class products, customer service that they know to expect and we look forward to creating more jobs, offering more products and continuing the Coker Group legacy together.”