American Pacific Group ("APG"), a San Francisco-based private equity firm, announced today that, together with Allam Taj and Christoph Ganz of Gray Eagle Capital Partners, it has formed Aesop Auto Parts ("Aesop"), a company that will serve as a platform to acquire and grow progressive auto recycling businesses. Simultaneously, Aesop acquired Wayne Auto Salvage ("Wayne"), an established provider of full-service and self-service recycled automotive parts.
Aesop Auto Parts is committed to advancing the automotive repair industry by focusing on the environmentally friendly disposal of salvage vehicles, retaining and developing industry talent, and growing capabilities to recycle the cars of the future. Aesop is dedicated to promoting the use of recycled original parts by ensuring superior quality, affordability, and availability of recycled parts, as well as outstanding customer service and advocating for the recycled auto parts industry at large.
Wayne Auto Salvage, a Goldsboro, North Carolina-based company, operates full- and self-service automotive recycling businesses and provides high quality recycled original auto parts to the professional and do-it-yourself repair market. Founded in 1970, Wayne has been instrumental in developing its industry and creating industry leading processes to recycle vehicles. Wayne serves more than 1,500 clients nationwide.
"For decades Wayne Auto Salvage has been driven by advocating for the use of recycled original parts and making recycled parts more accessible," said Dale Bevell, Wayne’s second-generation owner and the new President of Aesop. "Since 1970, my family has worked to build efficient and green recycling processes, a great team, and a strong base of highly valued customers. This industry has come a long way over the past few decades, mostly due to the collaboration and spirit of partnership in our industry. We are excited to join the Aesop Auto Parts family and to collectively build on that tradition of collaboration as we partner with other progressive yards to grow the industry and advance recycling practices."
"We are excited to launch Aesop Auto Parts and to welcome Dale and Wayne Auto Salvage as the platform’s first acquisition," Fraser Preston, Managing Partner at APG, commented. "The Wayne team are leaders in the industry, and we look forward to working with them to drive continued growth for Wayne and for the other businesses we hope to partner with through the Aesop Auto Parts platform."
About American Pacific Group
American Pacific Group is a San Francisco-based private equity firm with $450 million of capital under management that pursues control investment opportunities primarily in North America. It focuses on complex businesses and transactions across sectors with a particular focus on technology. Together, with management teams and in-house operating partners, American Pacific Group drives sustainable growth in its portfolio companies through the "Q Process," a proprietary and tested approach to value creation. For more information, please visit www.americanpacificgroup.com.
About Gray Eagle Capital Partners LLC
Gray Eagle is a private investment group focused on acquiring and growing mission critical businesses in fragmented industries in North America. Gray Eagle’s principals have extensive investing, legal, consulting, and operations experience across industrial, financial and consumer companies. For more information, please visit www.grayeaglecap.com.
About Aesop Auto Parts LLC
Aesop Auto Parts LLC is creating a network of progressive, future-oriented auto recyclers. Starting with its initial acquisition of Wayne Auto Salvage, Aesop plans to build a family of customer-centric, leading auto recycling businesses that provide high quality recycled parts enabling repair shops and customers to lower their repair costs and contribute to a healthier environment. For more information, please visit www.aesopauto.com.
About Wayne Auto Salvage
Wayne Auto Salvage is an established full- and self-service auto recycling business with a 50-year history in providing reliable, high quality recycled auto parts to professional and individual repairers as well as to other recyclers. Wayne Auto Salvage has helped pioneer collaboration among auto recyclers and has continually contributed to the auto recycling industry through outreach, mentorships and leadership in industry organizations. Wayne’s products include transmissions, engines, sheet metal and other vehicle parts. More information is available at www.wayneautosalvage.com.
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