Dayco, LLC (« Dayco »), a leading engine products and drive systems supplier for the automotive and aftermarket industries, and Hidden Harbor Capital Partners (« Hidden Harbor »), a private equity firm that helps create business success stories by building teams focused on execution, announce the signing of a definitive agreement, pursuant to which Hidden Harbor will acquire Dayco. Financial details of the transaction were not disclosed.
« This is an important milestone for our business, and we are excited as we enter our next phase of growth with our new partners at Hidden Harbor, » said Joel Wiegert, CEO of Dayco. « We look forward to teaming up with Hidden Harbor and drawing upon the expertise of their operating partners to build on Dayco’s success. Our partnership with Hidden Harbor will enable Dayco to have greater flexibility to deliver for our customers, supply chain partners, and employees and move forward together toward a successful future. »
Founded in 1905, Dayco has undergone extraordinary growth to become an industry leader in the research, design, manufacture and distribution of essential engine drive systems and aftermarket services.
« We are excited to work with Joel and the rest of the talented global executive leadership team and employees to further build upon the Dayco brand, which has been valued by customers and partners world-wide for more than 100 years, » said Andrew Joy, Partner at Hidden Harbor.
The transaction is subject to customary closing conditions and is currently expected to be completed in the third quarter of calendar year 2022.
Dayco is being advised by Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel and Rothschild & Co is serving as financial advisor to Dayco. Hidden Harbor is being advised by McDermott Will & Emery LLP as legal counsel, Cowen as buyside financial advisor, and Configure Partners as debt financing advisor.
About Dayco
Dayco is a global leader in the research, design, manufacture and distribution of essential engine drive systems and aftermarket services for automotive, truck, construction, agriculture and industrial applications.
Through its expertise in transferring power quietly and efficiently, Dayco has emerged as the leading global system solutions provider for hybrid electric vehicles. Dayco’s 115+ years of experience in drive systems allows the company to equip all customer applications around the world with the most effective drive systems to meet customer specific performance requirements. Dayco’s world class global distribution network services the aftermarket industry with a full offering of kits and products to meet each local market’s need. Dayco accomplishes this with a dedicated global team that respects one another, shows humility through continuous learning and acts like owners in everything they do.
Dayco has more than 40 locations in 22 countries and over 3,600 associates. For more information about Dayco, visit the company’s website at www.propulsionsolutions.com.
