Promus Equity Partners and Auto Meter Products Announce the Acquisition of COBB Tuning, LLC
Chicago, Illinois, July 29, 2014 – Promus Equity Partners, LLC (“Promus”) and Auto Meter Products (“Auto Meter”) are pleased to announce the acquisition of COBB Tuning, LLC (“COBB”) of Austin, Texas.
COBB has established itself as a premier full‐line designer, manufacturer and fast growing retailer of performance products for small displacement, turbocharged engines for select Subaru, Mazda, Mitsubishi, Nissan, Ford, BMW and Porsche models. COBB enjoys strong brand recognition within the market it serves and utilizes its engineering talent to provide customers with the latest technology. In addition to its main headquarters in Austin, COBB has three retail stores located in Plano, Texas; Portland, Oregon; and Fountain Valley, California.
Trey Cobb, Founder and Chief Technologists at COBB said, “We are thrilled that Auto Meter has decided to invest in our company. The new financial backing will help support our growth plan of developing new products and technologies for our enthusiast customers. Auto Meter shares our vision of engineering market leading solutions that improve vehicle performance and the driving experience by delivering ultra-high-quality products and services that are professionally engineered, thoroughly tested and backed by industry leading customer service.”
Jeff King, Auto Meter’s President and CEO was named to COBB’s Board of Directors and as its Executive Chairman. In this role Jeff will be responsible for working with the COBB management team to ensure successful execution of COBB’s growth strategies. Trey Cobb commented, “I am really excited to have Jeff King join the COBB Team. His 30 plus years of experience in the performance automotive aftermarket will help our business continue to grow and expand. We have a great team of enthusiast here at COBB, and I am confident that with Jeff’s guidance we will achieve even higher levels of performance and customer satisfaction.”
Steve Brown, a Partner at Promus Equity Partners and Chairperson of Auto Meter’s Board of Directors, said, “Trey and the entire COBB organization have built a fantastic company. We are very excited to invest in this technology-based company, and are committed to supporting their vision of delivering unmatched engine management and hard part solutions for enthusiast vehicles.”
Jeff King commented, “I am privileged to have the opportunity to work with Trey and the COBB team. While both Auto Meter and COBB will continue to operate as independent businesses, together we have scale, distribution network and technical team that is unmatched in the industry. I am excited about the opportunity to join the COBB team and am fully committed to supporting its loyal end users, dealers, distributors, vendors and fellow team members.”
Avante Mezzanine Partners and PNC Mezzanine provided mezzanine debt and participated in the equity investment and BMO Harris Bank and Johnson Bank provided a senior credit facility. Terms of the investment were not disclosed.
For more information on this acquisition, please contact Steve Brown, Sarah Wuellner, or David Code.
Visit the following websites to learn more.