Company Profile
at Close
- 50 year old family business and world’s largest manufacturer of custom-patterned vehicle covers
- Proprietary library of over 400,000 distinct automotive patterns
- Products include custom car covers, seat covers, front end masks, dashboard covers, floor mats, window heat-
shields and pet protection products - Path to market through distributors
- Low margin and growth
- Sourced through boutique intermediary based on CPC experience in auto-aftermarket consumer products
Investment
Rationale
- Market leader with 50 years of brand equity
- Opportunity to upgrade online marketing strategy to drive sales
- Underdeveloped DTC channel can generate additional 30+ points of gross margin
- Numerous add-on acquisition opportunities focused on product line expansion and DTC conversion
- Valuable real estate portfolio
- Stable non-cyclical business
Century Park Capital Value Creation Initiatives
- Owner of Covercraft was successfully transitioned to COO position before ultimately retiring, while remaining on the board
- CPC’s operating executive, Matt Jordan, joined as CEO to effectuate the management transition
- Focused the company on expanding the higher margin DTC channel, resulting in significant DTC sales growth
- Completed five add-ons to accelerate scaling the business and enter new markets
- Pivoted business to multi-channel platform with consumer brand recognition and broader appeal to sponsor universe