Midwest Automotive Designs today announced that it has received a substantial growth investment from Pegasus Capital Group, Merion Investment Partners and Petra Capital Partners. In conjunction with the growth investment, the company hired industry veteran, Harry Schmink, as CEO to work alongside Founder and President, Tim Gray. Based in Elkhart, Indiana, Midwest Automotive Designs is the industry’s leading custom luxury converter of vans and trucks and specializes in the popular Mercedes-Benz Sprinter platform. They were recently named to the 2014 Inc. 5000 list of the fastest growing private companies in the United States and just celebrated the completion of their 3,000th unit.
In conjunction with the growth investment, the company hires new CEO
9/9/2014
Midwest Automotive Designs today announced that it has received a substantial growth investment from Pegasus Capital Group, Merion Investment Partners and Petra Capital Partners. In conjunction with the growth investment, the company hired industry veteran, Harry Schmink, as CEO to work alongside Founder and President, Tim Gray. Based in Elkhart, Indiana, Midwest Automotive Designs is the industry’s leading custom luxury converter of vans and trucks and specializes in the popular Mercedes-Benz Sprinter platform. They were recently named to the 2014 Inc. 5000 list of the fastest growing private companies in the United States and just celebrated the completion of their 3,000th unit.
Established in 2004, Midwest Automotive Designs has cultivated an outstanding name and reputation domestically and abroad. The innovative company sets the standard for van-based executive offices, RVs and livery vehicles on a variety of OEM van and truck chassis. They offer a broad suite of custom options for corporations and university athletic teams as well as for families and individuals. Further information is available at www.midwestautomotivedesigns.com.
Patrick Whelan, Managing Partner at Pegasus said, “We are delighted to be partnering with Harry, Tim and the entire management team to serve our OEM partners and customers with outstanding products, customer service and the attention to detail to which they have become accustomed. We look forward to assisting the company as it continues to grow rapidly on a number of exciting fronts.”
Mr. Gray said, “I am thrilled to be partnering with Pegasus, Merion and Petra to seize the many opportunities available to us. Our company is at a major inflection point and the resources our investors bring to the table will allow us to execute on many growth initiatives to build our brand substantially in the US and internationally. With Harry as part of our team, we have added a manager who very successfully guided a number of companies in high-growth situations like ours.”
Mr. Schmink, who spent the last 6 years as President of DACCO, Inc., a nationwide distributor of automotive aftermarket parts, said, “I am impressed with Midwest Automotive’s growth in recent years, which results directly from their very high quality products. The Company has an exceptional foundation in place that will enable us to accelerate our expansion. I look forward to working with Tim and everyone on the Midwest Automotive team. Together, we will continue to focus relentlessly on our customers and delivering the highest caliber products and customer service.”
About Pegasus Capital Group
Pegasus Capital Group is a Los Angeles-based private equity firm that invests in companies with at least $2 million of operating cash flow. The firm focuses on acquiring profitable private and corporate-owned middle-market companies that have significant growth potential. Its transactions provide liquidity for individual owners, their families, outside investors and/or parent corporations. Further information is available at www.pegasuscapgroup.com.
About Merion Investment Partners
Founded in 2003 and based outside Philadelphia, Merion Investment Partners is a family of mezzanine capital funds licensed by the Small Business Administration as Small Business Investment Companies. Merion invests mezzanine debt with equity features in companies that have strong growth potential, proven management teams, a strategic competitive advantage and/or are operating in sectors of the economy that are poised to exhibit growth. Further information is available at www.merionpartners.com.
About Petra Capital Partners
Petra Capital Partners is a private equity firm based in Nashville, Tennessee. The firm is currently investing its third SBIC fund, Petra Growth Fund III, which has $230 million of available capital to invest. Petra provides subordinated debt and preferred stock to high growth companies for expansion, acquisition, buyout, refinancing or recapitalization in partnership with the founding management team. Petra seeks to invest up to $20 million in growth companies that possess a minimum of $10 million in revenue and positive EBITDA at the time of investment. Further information is available at www.petracapital.com.