Hall Capital & Argonaut Private Equity Acquire Michigan-Based JAC Products
Oklahoma Private Equity Firms Jointly Purchase Major Automotive Supplier
Nov. 4, 2016 – Oklahoma City – Oklahoma City-based Hall Capital, together with Tulsa-based Argonaut Private Equity, announced today that they have acquired Pontiac, Michigan based JAC Products, Inc. The sale was effective Oct. 28, 2016, and terms were not disclosed.
JAC Products is the leading global designer and manufacturer of roof racks, cargo management systems, assist steps and related products for automobiles. JAC Products has factories in Michigan, Georgia, Portugal, and China, and currently employs more than 1,500 employees globally.
The management team, including JAC Products’ Chief Executive Officer Mike Wood, will remain with the company to help drive the implementation of its strategic growth plans, which include diversifying its product mix and expanding globally into new markets.
“We welcome our new owners Argonaut and Hall Capital,” said Wood. “JAC is in a major growth phase and this new ownership is committed to the implementation of our strategic plan. It is an exciting time for JAC and we look forward to strengthening our relationships with our customers by providing them new innovative products in the markets they serve. This is great news for our customers, our employees and all of our stakeholders.”
Hall Capital Partners is the private equity affiliate of Hall Capital, and the JAC acquisition will be part of Hall Capital Partners Fund II, which was launched in 2011 with $92 million in committed capital.
“The JAC Products acquisition by our Fund II brings to Hall Capital a solid, mature company that is well poised for growth and operating in an industry in which we have generations of experience,” said Fred J. Hall, Chairman & CEO of Hall Capital. “The fact that we were able to complete the transaction with our close associates at Argonaut makes it all the better.”
Argonaut Private Equity will add JAC to its third fund.
“This is an exciting and significant acquisition for Fund III,” said Steve Mitchell, CEO of Argonaut Private Equity. “We’re pleased at the opportunity to deepen our partnership with Hall Capital, and we look forward to working with the leadership at JAC to continue the company’s positive momentum.”
About Hall Capital
Hall Capital is a family-owned private investment company with offices in Oklahoma City, Nashville, Chicago and Dallas. Its roots extend back to legendary automotive pioneer Fred Jones’ first enterprise in 1920. Today, led by Jones’ grandsons – Fred Hall, Kirkland Hall, and Brooks “Boots” Hall – Hall Capital is home to a diversified collection of business interests focused on private equity funds and investments in the real estate, automotive and oil & gas sectors. The company continues a long legacy of service to the community through the Fred Jones Family Foundation. For more information, visit Hall-Capital.com.
About Argonaut Private Equity
Founded in 2002, Argonaut Private Equity, LLC is a Tulsa-based private equity firm that manages investments across multiple asset classes with over $3 billion of capital deployed in direct investments. With over 100 investments, Argonaut has fostered an ongoing network of global relationships to discover and partner with best-in-class management teams, applying our experience and strengths to deliver solutions, generate value, and propel growth.
Argonaut focuses on investing in growth and mature companies looking for capital to unlock accretive value creation opportunities, with the aim of generating attractive investment returns through a disciplined approach and aligning our interests with those of our investors and business partners.
Argonaut understands the unique needs of individual businesses, and partners with companies to develop a strategy for growing and enhancing operations. Leveraging the collective strength of our historical investment experience and our current portfolio companies and affiliates, Argonaut looks to share resources, executive ideas, best practices, and key relationships between investments to create synergistic opportunities.
About JAC Products, Inc.
JAC Products, founded in 1967, is a leading global designer and manufacturer of original equipment roof racks systems, with expanded product offerings in cargo management systems, running boards and steps rails. The company supplies OEM manufacturers worldwide with engineering, sales, manufacturing, and partnership locations in North America, Europe, China, Japan and South America. For more information, please visit www.jacproducts.com.