As part of a company strategy to support significant growth, automotive covers company Covercraft Industries Inc. has announced a recapitalization agreement with Century Park Capital Partners.
Century Park Capital Partners is a Los Angeles-based private equity firm specializing in facilitating owner liquidity and business expansion by supporting management and investing in infrastructure, according to a press release.
“Demand for our various product lines has increased dramatically, especially over the last several years, and we want to do everything we can to set Covercraft up for success going into the future,” said Marty Lichtmann. “Our goal has always been to treat our employees like family, make the best products we can and provide the best solutions to meet customer needs. Century Park Capital Partners will help us continue to do just that.”
Lichtmann will welcome Mark Korros as the new CEO of the company effective immediately, and will remain actively involved in an operations and consulting role, the release stated.
“Covercraft’s solid business platform will facilitate the implementation of a variety of growth initiatives that will preserve the heart of the brand while expanding company offerings,” Korros said.