River Associates Acquires Omega Environmental Technologies
Chattanooga, TN, January 9, 2012
River Associates has announced today that it has partnered with management to acquire Omega Environmental Technologies (“Omega”). Terms were not disclosed.
Omega is a leading international distributor of aftermarket automotive climate control parts, serving a range of vehicles including automobiles, light and heavy trucks and off-road equipment. The Company maintains an extensive offering of over 30,000 SKUs of automotive air conditioning parts. The Company is committed to service and technology and has built a diversified set of customers both in the United States and internationally, extending its reach into 82 countries across six continents.
“We interviewed several potential partners and find the right fit was really more important to us than anything else,” said Grace Davis, CEO of Omega. “River Associates was our clear choice because of their management style, track record, and plans to help us grow the Company. We are excited to be moving forward with them in this next stage of our growth.”
“We are thrilled to partner with Grace and look forward to building upon the shared vision of enhancing the Company’s leadership position in the marketplace.” said Mike Brookshire, Partner at River Associates. “Omega has clearly distinguished itself as a global leader in the automotive aftermarket through its reputation of unmatched customer service, breadth of product offering and experienced leadership.”
Peter Butterfield, a long-time executive in the automotive industry, will be joining the Omega board of directors to assist with strategy, acquisitions, and organic growth.
River Associates funded the transaction with equity from its sixth investment fund (River VI, L.P.). Financing was provided by PNC Business Credit and Northstar Capital.