TORONTO, Ontario (April 21, 2014) – Penfund, a leading Canadian private equity firm, announced today an investment in Mevotech L.P. (“Mevotech” or the “Company”) to help support the Company’s growth. The amount of the investment is undisclosed.
Based in Toronto, Ontario, Canada, Mevotech is a leading supplier of high quality steering, suspension, and driveline replacement products including control arms, chassis parts, lateral links, hub assemblies and bearings. Founded in 1982, the Company has developed a reputation for innovation and quality across several well-known brands including Supreme Chassis Parts, X- Factor and Terrain Tough – TTX.
Ezer Mevorach, Chief Executive Officer of Mevotech, commented, “We are thrilled with our partnership with Penfund as their investment will help us to continue to execute our growth initiatives and better serve our customers. The Penfund team brings a highly successful track record growing businesses along with deep experience in the auto aftermarket industry.”
”Penfund has a long history of investing with entrepreneurs seeking to grow their businesses,” commented Jeremy Thompson, a Partner at Penfund. “Mevotech has developed a strong market position and has an outstanding reputation for innovation, quality, engineering, and timely delivery, as recognized by several customer and industry awards. We are confident the Company’s proven management team will be great partners as Mevotech is taken to the next level. We look forward to supporting Mevotech as it pursues compelling growth opportunities.”
To learn more about Mevotech, please visit:
Website: www.mevotech.comBack to All News
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is currently investing its most recently established fund, Penfund Capital Fund VII. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals located in Canada, the United States, the Middle East, and Europe. Penfund has invested more than $3 billion in over 225 companies since its establishment. Assets under management are approximately $2.2 billion.