DECEMBER 27, 2016, LOS ANGELES, CA – Covercraft Industries announced today that it is adding ADCO Products, the market leader in Recreational Vehicle covers and protection accessories, to its stable of brands. This expanded platform will create the largest branded cover manufacturer in the world and will allow the businesses to cross-merchandise existing products into each of their respective markets.
Morgan Ein, General Manager RV Division/VP of Sales and Marketing of the newly-merged company (and current President of ADCO), said, “We are excited to partner with the Covercraft team. Covercraft’s experience as the leader in vehicle protection products for the automotive market and ADCO’s position as the industry standard in the RV market, enhanced by our PCI line of lawn and garden protective covers, make for an extremely strong alliance. I have known Covercraft and its people for years and the time is right to combine our collective talents to expand both of our product lines.”
Mark Korros, President of Covercraft, noted, “ADCO has the core values and a passion for what they do that is unparalleled in their market segment, making it a perfect union with our vision for Covercraft. The opportunities that this merger presents for both companies are truly exciting and I am looking forward to a successful future. We are enthusiastic about the growth potential of ADCO Products and are committing significant resources to design, product development and inventory to help fuel the ADCO business. The opportunity to bring many of the Covercraft products into the RV market will help to further solidify ADCO’s position as the RV market’s industry leader. ADCO has been first to market with innovative products for 60 years. We believe that this track record will be further enhanced with the assistance of Covercraft’s world class product development team and manufacturing capabilities. Additionally, we will look forward to bringing exciting new products to the RV OEM market, celebrating Covercraft’s unique designs and technological capabilities.”
Guy Zaczepinski, Managing Partner with Century Park Capital Partners and Chairman of Covercraft Industries LLC, commented, “The combination of Covercraft and ADCO will open up a wide range of market synergies for both companies as they are able to cross-sell products and services to each other’s existing customer bases. This combination creates a company with unbelievable brand equity in the vehicle protection space. We couldn’t be more excited to have Morgan Ein join our company and our board to begin this next chapter for Covercraft.”
ADCO will continue to service its customer base under the ADCO and PCI brand names and will operate as a division of Covercraft Industries. Covercraft, the market leader in custom-fit vehicle covers, is also known for its SeatSaver, LeBra, and Colgan Custom brands. ADCO’s sales and management team members will all transition into similar roles within the merged company. ADCO is the market leader for RV covers and accessories, as well as the official licensee for Winnebago-branded covers.
About ADCO Products, Inc.:
ADCO Products, Inc. is a market leader in recreational vehicle covers and related protection accessories. The company also provides protective covers for the lawn & garden furniture channel. ADCO was founded in 1955 and is headquartered in Valencia, CA. For more information on ADCO, please visit www.adcoprod.com.
About Covercraft Industries, LLC:
Covercraft Industries, LLC is a market leading player in the custom automotive accessory market, providing premium quality exterior and interior protection products. The company is the world’s largest manufacturer of custom-patterned vehicle covers, with a library that includes more than 365,000 distinct automotive patterns. Additional product lines include custom front and rear seat protectors, front end masks, dashboard covers, floor mats, window heatshields and pet protection products, among others. Covercraft was founded in 1965 and is headquartered in Pauls Valley, Oklahoma. For more information on Covercraft, please visit www.covercraft.com.
About Century Park Capital Partners:
Century Park Capital Partners is a Los Angeles-based private equity firm that partners with owner/managers to build successful companies. The firm specializes in facilitating owner liquidity and business expansion by providing $10 million to $50 million equity investments for recapitalizations, growth financings, management-led buyouts and acquisition financings. Century Park seeks to support management in accelerating the growth curve of well-positioned companies by investing in infrastructure, internal growth initiatives, and strategic acquisitions. For more information on Century Park Capital Partners, please visit www.centuryparkcapital.com.