Harris Williams & Co. Advises IDQ Holdings, Inc. in its Sale to Castle Harlan
Harris Williams & Co. is pleased to announce the sale of IDQ Holdings, Inc. (IDQ), a portfolio company of Arsenal Capital Partners, to Castle Harlan. Harris Williams & Co. acted as the exclusive advisor to IDQ and the transaction was led by Chris Williams, Joe Conner, and Doug Kinard from the firm's Richmond office.
"Overall, this transaction represents a tremendous outcome for all parties involved," said Joe Conner, head of the firm's Transportation & Logistics Group. "IDQ is a terrific company with a long history of providing high-quality and easy-to-use air conditioning maintenance and repair solutions for the "Do-It-Yourself" (DIY) repair segment in the North American automotive aftermarket. The underlying market dynamics in IDQ's market segment as well as the broader automotive aftermarket are compelling and the primary reason we continue to see strong investment interest in the sector. We look forward to watching the continued success of the management team in its new partnership with Castle Harlan."
Harris Williams & Co. has been the leading U.S. advisor in the automotive aftermarket; the sale of IDQ represents the firm's eighteenth pure-play aftermarket deal, with other recent clients including marquee aftermarket names such as Meineke, BBB, Axiom, Slime, Yakima, WARN, FleetPride, and AAMCO Transmissions.
IDQ is the industry leader in DIY branded automotive aftermarket A/C products and has been providing innovative, value-added automotive aftermarket A/C solutions for over 30 years. IDQ's products include A/C recharge and retrofit kits, premium refrigerant blends, specialty chemicals, straight refrigerants, and a suite of complementary products that serve a critical role in the proper functioning of a vehicle's A/C system.
Arsenal Capital Partners is a New York-based private equity firm that invests in financial services, specialty industrial and healthcare companies. Arsenal Capital Partners makes investments in sectors where the firm has prior knowledge and experience, and works closely with management of acquired businesses to accelerate growth by leveraging Arsenal Capital Partners' operational improvement capabilities. Arsenal Capital Partners currently has $800 million of committed equity capital.
Castle Harlan, founded in 1987, invests in controlling interests in the buyout and development of middle market companies in North America and Europe. Its team of 19 investment professionals has completed 50 acquisitions since its inception with a total value in excess of $9 billion. Castle Harlan currently manages investment funds with equity commitments of $2.5 billion. The firm traces its roots to the start of the institutionalized private equity business in the late 1960s.