Parcrest Advisors Completes Marquee Automotive Aftermarket M&A Transaction between 3D Car Care and MPE Partners
NEW YORK, July 19, 2022 -- Parcrest Advisors ("Parcrest") served as the exclusive investment banking advisor to 3D Car Care ("3D" or the "Company") on its strategic investment from MPE Partners ("MPE" or "Morgenthaler Private Equity") along with MPE's portfolio company Hi-Tech Industries ("Hi-Tech"). 3D is globally recognized as the highest quality brand of car care and automotive detailing products, comprised of compounds, polishes, ceramic coatings, cleaning supplies and accessories. The Company manufactures the highest grade compounds and polishes out of its Santa Clarita, California headquarters and operates multiple facilities in California, Ohio and Florida. Selling through professional detailing, body shop and e-commerce channels, 3D continues to grow its current presence in over 26 states and 57 countries around the world.
Founded in 1996, 3D has evolved to become a global, recession resistant, multi-channel business with a strong foundation to drive exponential growth. In the past three years, the Company has invested in building a best-in-class abrasives manufacturing operation, opened Ohio and Florida warehouses and launched its own direct-to-consumer website.
"Engaging Parcrest Advisors has been one of the best decisions our family could have made. Integrity, transparency and unrelenting advocacy through every twist and turn of this journey sets Parcrest apart from other financial institutions. Bankers at Parcrest stood by our story and our values, and crafted a competitive process with numerous qualified strategic and financial investors. This gave us a unique opportunity to choose the best partner for the future of 3D," said Tunch Goren, Founder and Chief Executive Officer of 3D.
"We were very pleased to work with Parcrest, who played a critical role in running a fair, efficient process and ultimately ensuring a successful outcome for all parties involved. MPE views 3D as highly complementary to its previous investment in Hi-Tech Industries, where significant opportunities exist for commercial collaboration. We are excited to have the opportunity to partner with 3D on the next chapter of its evolution." stated Constantine Elefter, Principal at MPE.
"Happy for the Goren family and excited about the new journey ahead for 3D. The combination of 3D and MPE is a perfect match allowing the Goren family to maximize proceeds and to partner with value-added capital that enables the company to achieve new heights. We are excited to have had the opportunity to advise on the sale of such a high-quality business and premium asset and remain enthusiastic about the brand and possibilities ahead," said Francisco Lume, Managing Partner at Parcrest Advisors.
"This particular transaction represents a milestone deal for Parcrest. Our process resulted in a premium valuation in the automotive aftermarket sector, which continues to be a significant focus for Parcrest. We are honored to have been entrusted with this important responsibility and pleased to have delivered a fortuitous outcome for the Goren family, 3D and MPE," stated James C. Lee, Founder and Managing Partner of Parcrest Advisors.
3D Car Care is a globally recognized brand of the highest quality car care and auto detailing products to the professional detailing, body shop and e-commerce channels. The Company manufacture and sells compounds, polishes, ceramic coatings, cleaning supplies and accessories. Further information about 3D can be found at www.3Dproducts.com.
Headquartered in Farmington, MI, Hi-Tech is a leading provider of innovative car care accessories, appearance liquids, and specialty aerosols. With over 2,300 SKUs sold across eight highly-recognized brands, Hi-Tech is the preeminent one-stop solution in the detailing and reconditioning market. For more information, please visit www.htiusa.com.
Morgenthaler Private Equity seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with transaction values up to $250 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.
Parcrest Advisors is a rapidly growing investment bank based in New York City with a strong focus in consumer and industrials sectors. In order to provide securities-related services discussed herein, principals of Parcrest are licensed with Independent Investment Bankers, Corp. member FINRA & SiPC. Independent Investment Bankers, Corp. and Parcrest are not affiliated entities. Further information about Parcrest is available at www.parcrest.com.
James C. Lee
Founder & Managing Partner
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SOURCE Parcrest Advisors