Toronto, Ontario – July 15, 2024 – TorQuest Partners (“TorQuest”) is pleased to announce that it has completed the acquisition of Mevotech L.P. (“Mevotech” or the “Company”) from funds managed by Penfund Management Limited (“Penfund”). Ezer Mevorach will continue to be the CEO and a member of the board. Terms of the transaction were not disclosed.
Headquartered in Toronto, Ontario, Mevotech is a trusted North American leader in the engineering and design of driveline, steering, and suspension parts for the auto aftermarket. Founded in 1982, the Company has revolutionized the technician experience through an unwavering focus on engineering and design, superior materials, and rigorous quality standards, creating a product line known throughout the industry for maximum durability and performance.
Ezer Mevorach, CEO, said, “Penfund has been an excellent partner for us. Their commitment to investing in our business and supporting our team has enabled our company to provide best-in-class product lines and service levels for our valued customers. We have enjoyed our partnership with Penfund and are excited about working closely with TorQuest over the coming years.”
“Our investment in Mevotech exemplifies TorQuest’s strategy of partnering with great Canadian businesses and working closely with management to support the next chapter of growth,” said Daniel Sonshine, Partner at TorQuest. “TorQuest admires what Ezer and his team have accomplished in building Mevotech to date and we look forward to supporting their next phase of growth.”
Jeremy Thompson, Partner at Penfund, noted, “On behalf of our investors, we would like to thank Ezer and the Mevotech management team for our incredible partnership over the last 10 years. It has been very gratifying to see their consistent effort result in the Company’s leadership position in its auto aftermarket categories. We wish them continued success with their new partner.”
Mevotech will be the first investment out of TorQuest Partners Fund VI.
Harris Williams LLC and William Blair & Company LLC acted as financial advisors to the Company. Osler, Hoskin & Harcourt LLP and Goodmans LLP acted as legal counsel to the Company and management. Torys LLP served as legal counsel to TorQuest Partners.
About Mevotech L.P.
Headquartered in Toronto, ON, Mevotech is a trusted North American leader in the engineering and design of driveline, steering, and suspension parts for the auto aftermarket. Founded in 1982, the Company has revolutionized the technician experience through an unwavering focus on engineering and design, superior materials, and rigorous quality standards, creating a product line known throughout the industry for maximum durability and performance. To learn more about Mevotech, please visit www.mevotech.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$5.0 billion of equity capital under management, TorQuest announced the official closing of TorQuest Partners Fund VI, a C$2.27 billion fund, in December 2023. TorQuest invests in middle market companies and works in close partnership with management to build value. To learn more about TorQuest, please visit www.torquest.com.
Back to All NewsPenfund is a leading provider of capital to middle market companies throughout North America. The firm is actively investing both senior and junior capital through Penfund Prime and 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 C$3.0 billion in over 225 companies since its establishment. Assets under management are approximately C$3.0 billion.
