JH Partners Acquires Bell Automotive for Approximately $60 Million
SAN FRANCISCO, Dec. 6, 2004 -- Today JH Partners LLC, a San Francisco-based private equity firm, announced it partnered with management to acquire Bell Automotive Products, Inc. ("Bell Automotive" or the "Company") from Brentwood Associates, a Los Angeles-based private equity firm, for approximately $60 million. Based in Scottsdale, Arizona, Bell Automotive is a leading supplier of automotive convenience accessories, such as air fresheners, seat and steering wheel covers and other products which are sold at major nationwide retailers such as Wal*Mart, Target and major automotive supply chains.
JH Partners teamed up with one of its senior operating partners, Terry Lee, to acquire the Company. Lee is currently Co-Chairman of Bell Automotive, a role he shares with his long time business partner Mary George, and will continue to play an active role in the company. Mr. Lee previously served as Chairman, CEO and COO of Bell Sports, another consumer products company in the Bell family, whose revenues grew from $28 million to $207 million during his tenure. Ms. George is also a former CEO and COO of Bell Sports. At Bell Sports, Lee worked extensively with John Hansen, President of JH Partners, who was responsible for an equity investment in that company.
"As a branded consumer products company with superior growth in a highly fragmented industry, Bell Automotive is a natural fit for JH Partners," said Hansen. "We're very pleased to partner with Terry Lee and Mary George, under whose leadership the Company's growth continues to outpace that of the industry."
"JH Partners brings significant industry experience, and John Hansen and I have worked closely in the past," said Lee. "Our partnership with JH Partners will help Bell Automotive continue to build out its line of auto accessory products, and increase shelf space at the nation's leading retail stores."
The company will continue to be headquartered in Scottsdale, Arizona with a distribution center in Des Moines, Iowa. The senior debt financing was underwritten by Harris Trust and Savings Bank and Harris' mezzanine fund, Harris Nesbitt Capital, led the subordinated debt financing for the transaction.
About Bell Automotive
Bell Automotive Products, Inc., based in Scottsdale, Arizona, is a leading supplier of automotive convenience accessories, which include air fresheners, drink holders, cargo racks, cell phone accessories, license plate frames, seat and steering wheel covers and other products. A dedicated focus on automotive accessories has yielded an unparalleled reputation for quality, innovation and customer service. The company's broad line of convenience accessories is marketed under the well-recognized Bell and Cobbs brand names at leading retailers such as Wal*Mart, Target, K-Mart, Fred Meyer, Autozone, Pep Boys, CSK and Canadian Tire. Bell automotive is one of several in the Bell family of consumer products companies.
About JH Partners LLC
JH Partners is a San Francisco-based private equity firm focused on investments in growth-oriented middle market consumer products and services companies. The firm distinguishes itself among private equity firms in that each of its principals has senior-level operating experience building middle-market consumer related businesses. JH Partners has been instrumental in aiding the growth of powerful consumer brands, including Peet's Coffee & Tea, Bare Escentuals, Performance Bicycle Shop, Bell Helmets, and Design Within Reach, among others. Additional information may be found at www.jhco.com.