Greenbriar Announces Acquisition of JEGS Automotive

Rhea-AI Summary

Greenbriar Equity Group has acquired a majority stake in JEGS Automotive, a national retailer of aftermarket auto parts. This investment marks Greenbriar's first institutional commitment to JEGS, focusing on product and market expansion, alongside technological enhancements. Established in 1960, JEGS has transitioned from a local shop to an online leader with over 2 million products. The Coughlin Family retains a minority stake, expressing confidence in Greenbriar’s vision. Stifel Financial served as JEGS' exclusive financial advisor in this transaction, which was completed in December 2021.

Positive

• First institutional investment in JEGS by Greenbriar, indicating strong market confidence.
• Aims to enhance technology and distribution capabilities for JEGS.
• JEGS has a significant base of customers with over 2 million SKUs available online.

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• None.

RYE, N.Y., Feb. 24, 2022 /PRNewswire/ -- Greenbriar Equity Group, L.P. ("Greenbriar"), a leading middle market private equity firm today announced that funds managed by Greenbriar acquired a majority position in JEGS Automotive ("JEGS"), a leading online national retailer and distributor of high-performance aftermarket auto parts and accessories. The investment, which represents the first commitment of institutional capital to JEGS, aims to support continued product and market expansion while enhancing its technology and distribution capabilities. JEGS is Greenbriar's eighth platform investment completed in the last twelve months.

Since its founding in 1960, JEGS has transformed from a local performance shop to a national online retailer and distributor of aftermarket auto parts and accessories. Today, JEGS offers its significant base of automotive enthusiast customers more than two million product SKUs from over 800 vendors through its online website and modern fulfillment center near Columbus, Ohio.

The Coughlin Family, which has successfully guided the Company's expansion across three generations, said, "After more than sixty years in business, our family was very focused on identifying a growth partner who shares our values and has a clear vision for the future of JEGS. We've found that partner in Greenbriar, and we look forward to remaining significant shareholders alongside them." The Coughlin Family will retain a minority ownership position alongside Greenbriar.

Jeg Coughlin III, President of JEGS, added, "The entire JEGS team has never been more excited about the opportunities that lie ahead, and we look forward to partnering with Greenbriar and their extensive network of sector experts as we focus on enhancing our customers' online experience, onboarding new products and services, and expanding our reach through organic and M&A-led growth."

"As an iconic brand in the performance enthusiast segment, JEGS is extremely well-positioned to take advantage of the continued growth of eCommerce in the broader automotive aftermarket, and we are proud to have been selected as their first institutional partner. The Coughlin family has built a unique culture underpinned by passionate employees with deep technical expertise, and we look forward to preserving that foundation while working with management to drive accelerated growth," commented Matt Burke, Managing Director of Greenbriar.

Stifel Financial Corp. (NYSE: SF) acted as exclusive financial advisor to JEGS and Ice Miller LLP provided legal counsel. Hughes Hubbard & Reed LLP served as legal counsel to Greenbriar. This transaction was completed in December 2021. Additional terms of the agreement were not disclosed. 

About Greenbriar
Founded in 1999, Greenbriar is a middle market private equity firm, with more than $6 billion of aggregate capital commitments across its five funds, focused on investments in market-leading services and manufacturing businesses. Greenbriar looks to identify companies with proven management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar's deep sectoral expertise and strategic insight alongside our proven operating capabilities and network of senior executive relationships. For more information, please visit www.greenbriarequity.com.

About JEGS
Founded in 1960 and headquartered in Delaware, OH, JEGS is a leading national automotive aftermarket retailer and distributor of high-performance parts and accessories. Its products and services are made available to its enthusiast customers through its online website and its fulfillment centers. For more information, please visit www.jegs.com.

Media Contacts:

Greenbriar
Catherine Clifford
cclifford@greenbriarequity.com

Nathan Riggs
Kekst CNC
Nathan.Riggs@kekstcnc.com

JEGS Automotive
Scott Woodruff
Scott.Woodruff@jegs.com

 

View original content:https://www.prnewswire.com/news-releases/greenbriar-announces-acquisition-of-jegs-automotive-301489395.html

SOURCE Greenbriar Equity Group, L.P.

FAQ

What is the significance of Greenbriar's acquisition of JEGS (SF)?

Greenbriar's acquisition represents its first institutional investment in JEGS, aimed at supporting product and market expansion.

When was the acquisition of JEGS by Greenbriar completed?

The acquisition was completed in December 2021.

How many products does JEGS offer post-acquisition?

JEGS offers more than 2 million product SKUs from over 800 vendors.

Who acted as the financial advisor for JEGS in this transaction?

Stifel Financial Corp. acted as the exclusive financial advisor to JEGS.

What are the future growth plans for JEGS after the Greenbriar acquisition?

JEGS plans to enhance its online customer experience, onboard new products, and expand through both organic growth and acquisitions.