Harris Williams Advises Highline Aftermarket Holdings, LLC on its Sale to Pritzker Private Capital
November 10 2020 - 09:46AM
Business Wire
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.
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