TORONTO, Ontario (June 17, 2011) – Penfund, an independent provider of junior capital to middle market companies, announced today a US$25 million investment in Hopkins Manufacturing Corporation (“Hopkins”), an operating company of ONCAP Management Partners L.P. (“ONCAP”). The terms of Penfund’s investment were not disclosed.
Headquartered in Emporia, Kansas, Hopkins is a leading designer, manufacturer and marketer of branded products in the do-it-yourself segment of the automotive aftermarket. Hopkins’ products are sold through leading mass merchandisers, specialty automotive aftermarket retailers, club stores, convenience and drug stores, towing accessory installers, farm/fleet stores and home/hardware retailers.
“Hopkins is the clear market leader in several automotive aftermarket segments. It has strong brands, longstanding customer relationships and a terrific management team,” said Richard Bradlow, Partner, Penfund. “Hopkins’ strong market position combined with ONCAP’s significant investment experience in the automotive aftermarket make this a compelling investment opportunity.“
About Hopkins Manufacturing Corporation
Founded in 1953 and headquartered in Emporia, Kansas, Hopkins is a leading designer, manufacturer and marketer of innovative towing products and functional accessories for the automotive and recreational vehicle aftermarket.
ONCAP is the mid-market private equity platform of Onex, one of North America’s oldest and most successful investment firms committed to acquiring and building high-quality businesses in partnership with talented management teams. Onex manages investment platforms focused on private equity, real estate and credit securities. In total, Onex manages approximately $15 billion, of which $10 billion is third-party capital. Over 27 years, Onex has built approximately 70 businesses, generating 3.6 times the capital it has invested and managed and earning a 29 percent compound annual return on invested capital.
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Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high net worth individuals and has invested more than $3 billion in over 225 companies since its establishment in 1979. Assets and capital under management currently total $1.8 billion.