Detroit’s Huron Capital, a lower-to-middle-market private equity firm, Tuesday announced its aftermarket car accessories and restoration parts platform, Drake Automotive Group, has acquired Riverside, California-based DV8 Offroad, a designer and distributor of off-road accessories and wheels.
The deal marks the fifth add-on acquisition for the Drake platform investment since its launch in 2016.
“We are excited to align with such a successful, growth-oriented company to help us expand Drake’s offerings in the off-road market,” says Keith Belair, CEO of Drake. “We believe DV8 is a great fit, and the acquisition will serve as a significant step forward in the strategic evolution of both companies.”
DV8 has provided wheels and accessories including bumpers, hard tops, fenders, and hoods, to off-road, modern muscle, and classic vehicle markets for 15 years. DV8 was founded by CEO Bob McMath in 2003, and is now managed by Landon McMath and Cole McMath.
“We believe Huron Capital offers expertise in helping grow businesses, and we are excited to join the Drake team and bring an expanded portfolio of products to our customers,” says Bob McMath. “We think Huron Capital’s operational expertise and resources will provide the DV8 brand with new opportunities for growth and innovation.”
The acquisition is aligned with Drake’s growth strategy, which is aimed at expanding its offering to off-road and truck enthusiasts. Since 2016, Drake has also acquired Proforged, Fender Gripper, Carroll Shelby Wheel Co., and OG Innovations.
“With its solid customer base, complementary offerings, and strong reputation within the enthusiast market, we believe the acquisition of DV8 will further enhance Drake’s position as a leader in the automotive aftermarket parts industry,” says Michael Zukas, vice president of Huron Capital.