United States. Banyan Technologies Group announced the full acquisition of Competition Specialties Inc, (CS), the wholesale distributor of automotive accessories in the U.S. Pacific Northwest, with a strong presence on the West Coast.
"Competition Specialties is known for our commitment to providing unmatched customer service and reliable operational performance, covering warehouses, delivery trucks and field equipment at multiple locations throughout the western states," said Ken Woomer, president of Competition Specialties.
"We really liked Banyan's story and their deep roots and passion for serving the auto aftermarket, they are the right partners to help take this company my family has built to the next level," he added.
Banyan's founder and CEO, Tanvir Arfi, said: "We are very excited about CS; its people and culture; its market coverage; its loyal customer base; and I am honored that Ken has chosen Banyan to be the CS stewards as he embarks on the next phase of his growth journey."
"We look for quality assets with competent management teams in attractive end markets without prior institutional capital; CS ticked all these boxes," he said.
Banyan once again partnered with Greyrock Capital Group, a middle-market capital provider, on this deal.
"We partner with experienced operators and end-market sponsors on many of our transactions. CS immediately attracted us due to its strong end market, passionate clients and experienced management team," said Sam Snyder, Managing Partner at Greyrock Capital Group.
With this transaction, effective immediately, David Green has been promoted to President of CS. Ken Woomer will continue as an advisor to David, the CS leadership team and Banyan.
"CS will continue to operate from its current facilities and infrastructure with immediate plans to expand its same-day or next-day service capacity by adding new distribution points and field equipment in the very near future."
"Our customers should see even better product support and availability in this next phase of our growth," he said.
