NEW YORK--(BUSINESS WIRE)--Monomoy Capital Partners, a private investment firm focused on private equity and credit investing in the middle market, is pleased to announce it has entered into a definitive agreement to sell Sportech, a leading designer, manufacturer and assembler of cab components and assemblies for a wide range of OEM customers, to Patrick Industries, Inc. (NASDAQ: PATK). The transaction is expected to close on or before January 24, 2024, and is subject to customary closing conditions and regulatory approval. Monomoy invested in the founder-owned business in 2019 and has since worked alongside the management team, many of whom have been with the company for multiple decades, on significant revenue growth and operational improvement initiatives that positioned the company to be recognized as one of the premier powersports platforms in the country.
Headquartered in Elk River, Minn., with three manufacturing locations across the state, Sportech provides integrated door systems, windshields, roofs, canopies, bumpers, fender flares and cowls across the powersport, golf and turf, industrial and agriculture end markets. Sportech proudly offers highly engineered and customized products for specific applications and end uses.
"In this journey with our valued partners at Monomoy, we found not only a team of experienced operators but also a cohort of likeminded collaborators who understood the strength of our existing leadership team’s expertise,” shared Sportech CEO Jim Glomstad, who joined the company in 2010 before stepping into the CEO role upon Monomoy’s acquisition. “Monomoy’s experience working with founder-owned companies helped us equip the legacy Sportech management team with tools to amplify the company’s success and create long-term value for our team and partners. As we begin this exciting new chapter with Patrick, we are poised to build on that momentum to become an even stronger resource and supplier to the powersports and adjacent markets.”
Monomoy’s partnership with Sportech is defined by the team’s commitment to implementing operational improvements and long-term strategic planning to drive organic growth. Monomoy believes that its nearly twenty years of experience investing in family- and founder-owned middle-market industrial and consumer businesses is the foundation of its success in implementing operations-driven value-creation strategies across its portfolio.
“Sportech’s growth underscores the unique strength of our closely integrated teams and their commitment to our supportive approach as companies make the leap from a family- or founder-led operation to an enterprise with even broader scale and breadth,” expressed Monomoy Founding Partner and Co-CEO Dan Collin. “We are honored to have worked alongside the company’s management team to exceed the goals we outlined together, and we are confident they are well-equipped for continued success as they join the Patrick family of brands.”
Baird served as the exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Sportech and Monomoy with respect to the transaction.
Monomoy Capital Partners
Monomoy Capital Partners is a private investment firm with $3 billion in assets under management across a family of investment funds. Monomoy invests in the equity and debt of middle-market businesses that can benefit from operational and financial improvement with a focus on manufacturing and distribution businesses across industrial and consumer product sectors in North America and Europe. Please see our website at www.mcpfunds.com for further information concerning Monomoy and its portfolio companies.
Sportech
Sportech designs, manufactures and assembles cab components and systems for the powersports, golf and turf, industrial and agricultural end markets. Sportech’s design and engineering capabilities allow the company to provide complex components and assemblies to its original equipment manufacturer customers. The company is headquartered in Elk River, Minn. and operates three facilities in the state. To learn more about Sportech, please visit the company’s website at www.sportechinc.com.
