AP Emissions Technologies LLC (AP) and Centric Parts (Centric) will merge in the next 45 to 60 days.
The companies say that together they will offer a comprehensive product portfolio including full line exhaust, friction & brakes, and chassis products to traditional warehouse distributors, feeders, retailers, and performance and specialty channels.
Terms of the agreement were not disclosed.
Hugh Charvat will lead the combined business as chief executive officer. Dan Lelchuk, who co-founded Centric Parts in 2000, will remain president of Centric Parts.
Lelchuk says the merger will benefit customers, employees, and suppliers by providing one of the broadest undercar offerings in the market.” This merger will help accelerate our growth by providing a true one-stop-shop experience for our customers,” he says.
According to Charvat, the combined AP Centric platform will create an outstanding foundation for continued growth by leveraging the strengths of both businesses. “While never losing focus on core customers and markets, this merger creates the opportunity for further acquisitions in the undercar aftermarket to provide a comprehensive and expanding product offering to the industry,” says Charvat.
Harvest Partners a private equity firm, will provide equity capital in partnership with Audax Private Equity, an existing investor in both AP and Centric, and management to fund the combination.
Founded in 1927, AP Emissions Technologies is a manufacturer and supplier of automotive, light truck and heavy duty exhaust and emissions products under the AP, ANSA, Cherry Bomb, TruckEx, Xlerator and Silverline brands. The company is based in Goldsboro, N.C.
Centric Parts is a North American manufacturer and supplier of aftermarket brake and chassis components for passenger vehicles, light and medium duty trucks, fleet vehicles, high performance vehicles and race cars under the Centric, C-Tek, Posi Quiet, Fleet Performance and StopTech labels. Through its StopTech and Qualis Automotive divisions, Centric also supplies components and systems to OEM and private label customers. Centric Parts is based in City of Industry, Calif.