AP Emissions Technologies and Centric Parts to Combine

March 30, 2017

AP Emissions Technologies and Centric Parts to Combine

Creating Leading Automotive Aftermarket Undercar Parts Provider

(Goldsboro, NC and City of Industry, Calif. - March 30, 2017) - AP Emissions Technologies ("AP") and Centric Parts ("Centric") have announced an agreement to combine, forming a leading player in the undercar automotive aftermarket. Together, AP and Centric will offer a comprehensive product portfolio including full line exhaust, friction & brakes, and chassis products to traditional warehouse distributors, feeders, retailers, and performance and specialty channels. The combination will build on the world class customer service, support, and first-to-market product availability that AP and Centric provide.

Hugh Charvat will lead the combined business as Chief Executive Officer. Dan Lelchuk, who co-founded Centric Parts in 2000, will remain President of Centric Parts.

"This event is truly transformational for AP and Centric and will benefit our customers, employees, and suppliers as the combination of AP and Centric will provide one of the broadest undercar offerings in the market. This merger will help accelerate our growth by providing a true one-stop-shop experience for our customers," said Lelchuk.

"The combined AP Centric platform creates an outstanding foundation for continued growth by leveraging the strengths of both businesses. While never losing focus on core customers and markets, this merger creates the opportunity for further acquisitions in the undercar aftermarket to provide a comprehensive and expanding product offering to the industry. I am looking forward to working with Dan and the rest of the talented Centric team to continue delivering exceptional service to our customers," added Charvat.

Harvest Partners ("Harvest"), a leading private equity firm with experience in the automotive aftermarket industry, will provide equity capital, in partnership with Audax Private Equity ("Audax"), an existing investor in both AP and Centric, and management to fund the combination.

Jefferies served as financial advisor to AP, and Lazard and Angle Advisors served as financial advisors to Centric. Kirkland & Ellis provided legal counsel to AP and Centric. White & Case served as legal counsel to Harvest. The transaction is expected to close within the next forty five to sixty days. Terms of the agreement were not disclosed.

About AP Emissions Technologies, LLC:

Founded in 1927, AP Emissions Technologies has become one of the leading manufacturers and suppliers of automotive, light truck and heavy duty exhaust and emissions products under the AP®, ANSA®, Cherry Bomb®, TruckEx®, XLERATOR® and Silverline® brands among others. With roots that reach back to the very beginnings of the automotive exhaust system business, AP continues to provide the highest quality mufflers, exhaust pipes and catalytic converters to commercial customers and auto service professionals. Utilizing nearly half-a-million square feet of manufacturing area, AP engineers design, fit and test products to exacting standards, using the latest technologies and state-of-the-art processes. With numerous patented designs, AP continues to innovate exhaust and emissions products that offer improved performance and extended service life.

About Centric Parts®

Centric Parts® is one of North America’s leading manufacturers and suppliers of aftermarket brake and chassis components for passenger vehicles, light and medium duty trucks, fleet vehicles, high performance vehicles and race cars under the Centric®, C-TEK®, Posi Quiet®, Fleet Performance and StopTech® labels. Through its StopTech and Qualis Automotive divisions, Centric also supplies components and systems to OEM and private label customers. With an unparalleled level of research and development in North America and an exceptional depth and breadth of products across makes and models, Centric is an industry leader in brake and chassis technology innovation, brand reputation, cataloging, and part availability.

About Audax Private Equity

Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4 billion in 102 platform and 552 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $11 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.

About Harvest Partners

Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that pursues management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business services, consumer, healthcare services, and industrial sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit

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