Jan. 23, 2006 – New investors take over Global
January 23, 2006
Filed under Features
Affiliates of a private investment firm have taken a majority stake in Global Motorsport Group, parent company of distribution firms Motorcycle Stuff and Custom Chrome.
The affiliates of Cerberus Capital Management, L.P. bought a controlling interest in a move that was announced on Jan. 9. Global Motorsport President John Lott confirmed the announcement in an interview with Powersports Business.
Lott wouldn’t disclose how much Cerberus Capital Management paid for the majority stake. However, he did say the former majority holders, Stonington Capital, a private equity firm in New York, still hold interest in the company.
“The company is at a point where we clearly have opportunities,” Lott said. “In order to take advantage of those opportunities, we needed capital.”
In a press release, Lott said the move would allow the company to grow and invest in infrastructure. In the phone interview, Lott could not be more specific on what specific growth areas are targeted.
Headquartered in New York, Cerberus Capital Management, L.P. and its affiliated entities manage funds and accounts with capital in excess of $16 billion.
Global Motorsport Group, Inc. designs, manufactures, markets, and distributes aftermarket motorcycle parts and accessories and does business as Custom Chrome, Santee, Custom Chrome Europe, Custom Chrome Far East and Motorcycle Stuff.
Global Motorsport Group has a network of independent dealers throughout North America, Europe and Asia/Pacific. psb