Harris Williams Advises Highline Aftermarket Holdings, LLC on its Sale to Pritzker Private Capital

November 10, 2020

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Highline Aftermarket Holdings, LLC (Highline), a portfolio company of The Sterling Group (Sterling), on its sale to Pritzker Private Capital (PPC). Highline is a leading national distributor of automotive aftermarket products. The transaction was led by Joe Conner, Jeff Kidd, Nicholas Petrick and Trey Balson of the Harris Williams Transportation & Logistics (T&L) Group and Bob Baltimore, Graham Gillam and Kel Wilburn of the Harris Williams Specialty Distribution Group.  

“Since the creation of the Highline Aftermarket platform in 2016, Sterling and management have achieved great success in creating a truly unique, industry-leading provider in the automotive aftermarket,” said Joe Conner, a managing director at Harris Williams. “It has been a pleasure working with Highline and Sterling, and we believe they have found an excellent partner in PPC.”

“With its diverse product suite and value-added manufacturing capabilities, Highline is recognized as a leading distributor in the automotive aftermarket,” said Bob Baltimore, a managing director at Harris Williams. “The collaboration of our T&L Group and Specialty Distribution Group allowed us to ensure that Highline achieved the best possible outcome, and we look forward to watching the company continue to evolve.”

“We are excited to have achieved another great outcome to continue the firm’s strong record of success in the automotive aftermarket,” added Jeff Kidd, a director at Harris Williams. “The automotive aftermarket’s stability through economic uncertainty, compelling organic growth dynamics and the fragmented nature of the market will continue to generate strong demand for investment in top assets like Highline.”

Headquartered in Memphis, Tennessee, Highline is a leading national distributor of automotive products, with 15 distribution centers and eight state-of-the-art manufacturing facilities serving multiple channels across the automotive aftermarket. With more than 500 employees, Highline serves as an important link between manufacturers and customers, offering a robust portfolio of national brands, original-equipment replacement products, private-label goods, and in-house chemical blending and packaging.

Founded in 1982, Sterling is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 57 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling recently closed its fifth investment fund with $2.0 billion in commitments and currently has over $4.0 billion of assets under management.

PPC partners with middle market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. PPC builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. PPC is a signatory to the United Nations Principles for Responsible Investment.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams T&L Group serves companies in a broad range of attractive niches, including the automotive aftermarket, transportation equipment, third-party logistics (3PL), and truck, rail, marine and air transportation. For more information on the firm’s T&L Group and other recent transactions, visit the T&L Group’s section of the Harris Williams website.

Harris Williams’ Specialty Distribution Group has experience across a variety of sectors, including automotive and heavy duty aftermarket; building products; consumer; electrical and communications; foodservice; healthcare; industrial; and technology. For more information on the firm’s Specialty Distribution Group, visit the Specialty Distribution Group’s section of the Harris Williams’ website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.