NEW YORK - Monomoy Capital Partners, a private equity firm, has agreed to sell Sportech, a key player in the design, manufacturing, and assembly of cab components for various industries, to Patrick Industries , Inc. (NASDAQ: NASDAQ:PATK). The transaction is expected to be finalized by January 24, 2024, pending regulatory approvals and customary closing conditions.
Sportech, based in Elk River, Minnesota, operates three manufacturing sites within the state, catering to powersport, golf and turf, industrial, and agriculture sectors. The company is known for its highly engineered, tailored products, including door systems, windshields, roofs, and bumpers.
Since Monomoy's investment in 2019, Sportech has undergone substantial growth and operational enhancements. The partnership has been instrumental in transitioning Sportech from a founder-owned business to a prominent powersports platform in the United States. Monomoy's strategy has focused on operational improvements and strategic planning to foster organic growth.
Jim Glomstad, CEO of Sportech, acknowledged Monomoy's role in equipping the management team with the necessary tools for success. He anticipates that the acquisition by Patrick Industries will further strengthen Sportech's position and offerings in the powersports market.
Dan Collin, Co-CEO and Founding Partner of Monomoy, expressed pride in the achievements made in collaboration with Sportech's management team and is confident in their continued success under the Patrick brand umbrella.
Monomoy Capital Partners, with $3 billion in assets under management, specializes in investing in middle-market companies that require operational and financial restructuring, primarily focusing on manufacturing and distribution businesses.
Baird acted as the exclusive financial advisor, and Kirkland & Ellis LLP provided legal counsel for the transaction.
This article is based on a press release statement.
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