Harris Williams & Co. Advises Innovative XCessories & Services on its Sale to Olympus Partners
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, is pleased to announce the sale of Innovative XCessories & Services, LLC (IXS), a portfolio company of Graham Partners, to Olympus Partners. IXS is a leading designer, manufacturer, and marketer of a broad range of products and services that enable vehicle manufacturers and aftermarket dealers to create unique, customized vehicles for their consumers. As the only end to end vehicle customization platform, IXS serves the aftermarket through nearly 450 franchisees who operate under its well-known LINE-X brand and serve vehicle manufactures through a network of co-located upfit facilities across North America. Harris Williams & Co. acted as the exclusive advisor to IXS. The transaction was jointly led by John Neuner and Corey Benjamin from Harris Williams & Co.’s Consumer Group and Jason Bass, Joe Conner, and James O’Malley from the firm’s Transportation & Logistics (T&L) Group.
“Through its broad range of customization products and services, IXS has built a unique platform that is truly unmatched in the industry,” said John Neuner, managing director and co-head of Harris Williams & Co.’s Consumer Group. “The customization and personalization trend has permeated across every aspect of the consumer landscape, and the IXS management team and Graham Partners have built a strong platform that is well positioned to continue its strong track record of growth.”
“We are very proud to have worked with IXS and Graham Partners on this transaction and found a great partner for management that shares their vision for the future growth of the company,” said Corey Benjamin, vice president in Harris Williams & Co.’s Consumer Group.
“The sale of IXS represents another marquee transaction in the automotive services sector, one of our core focus areas within our T&L practice,” added Joe Conner, managing director in Harris Williams & Co.’s T&L Group.
IXS generates sales that are nearly 6x higher than the original platform business Graham Partners acquired in 2005 and now consists of complementary Aftermarket and OEM divisions. IXS’ Aftermarket Division has been built around its well-known LINE-X brand and a leading network of North American automotive upfit franchise locations and international licensees. IXS’ OEM Division, Ground Effects, serves highly coveted, blue chip OEM customers, principally through co-located facilities. Under Graham Partners’ ownership, these previously independent businesses were transformed into the only end-to-end vehicle customization platform capable of providing products and services in each channel.
Graham Partners is a private investment firm focused on investing in businesses with proprietary technologies, advanced manufacturing know-how, innovative product development capabilities, and strong growth potential. Since the firm's founding in 1988, Graham Partners has closed over sixty acquisitions, joint ventures, financings, and divestitures. The committed capital raised since inception of the Graham Partners funds together with Graham led co-investments totals approximately $1.7 billion. Investors include university endowments, charitable foundations, financial institutions and private investors. Based in suburban Philadelphia, the firm has access to extensive operating resources and industrial expertise as a member of The Graham Group, an alliance of independently owned and operated industrial and investment management businesses that share in the common legacy of entrepreneur Donald C. Graham.
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including business services, restaurants, consumer products, healthcare services, and financial services. Olympus manages in excess of $5.5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.