Cloyes
Cloyes is the North American leader and global designer, developer, manufacturer and distributor of mission-critical timing drive systems and components for the automotive aftermarket. Founded in 1921, the Company leverages their superior quality and best-in-class VIO (“vehicles in operation”) coverage to produce mission critical components used in high-performance and replacement applications. Cloyes serves a broad customer base, including wholesale distributors, national and local retailers, re-packagers, and production engine builders, and sells its products under the Cloyes® brand throughout North America and Dynagear® in Mexico.
MidOcean has spent significant time in the auto aftermarket space through its dedicated initiative, with Cloyes marking MidOcean’s third investment in the sector. MidOcean identified Cloyes as a unique opportunity to invest behind a high quality asset of scale operating in a fragmented market that will continue to benefit from multiple strong macro tailwinds. MidOcean has assembled a group of highly talented operating resources across multiple functional and strategic areas to complement the existing management team and help the company excel in its next phase of growth.
Investment Date: February 2022
Sector: Consumer
Status: Current
Deal Lead: Daniel Penn
Add-On Acquisition Criteria
Status: Actively seeking add-ons;
flexible criteria