NEW YORK—The investment group comprising Irving Place Capital; Wade Kawasaki, Coker president and CEO; and Coker Group leadership has completed the acquisition of vintage tire and wheel supplier Coker Group.
Chattanooga, Tenn.-based Coker Group will continue to operate with the same leadership team and staff that has helped drive five years of continuous growth, IPC said, while expanding the firm's range of products and portfolio of companies.
Kawasaki, a seven-year Coker Group employee, was named president and CEO of the company in 2014. He will continue to lead the company under the new ownership structure.
Financial terms were not disclosed.
Coker Group comprises Coker Tire, Wheel Vintiques, Universal Vintage Tire, Phoenix Race Tires, Specialty Wheel and Roadster Wire Wheel businesses.
"We are excited to work with Wade and the Coker Group ," IPC Co-Managing Partner Phil Carpenter said. "This partnership positions the company for long-term growth both domestically and internationally. The Coker family built a brand and a portfolio of companies that are beloved by enthusiasts around the world. By partnering with Wade and his team we will together advance that legacy well into the future."
New York-based IPC focuses on the industrial sector. Its only other aftermarket company is Dynojet Research, a manufacturer of performance products for powersport vehicles including motorcycles, UTVs and snowmobiles.
"We intend to accelerate growth with our partners at Irving Place Capital as we expand into newer models and markets while continuing to serve the traditional restoration market that has been our home for six decades," Kawasaki said. "Coker Group will continue to provide our customers with the same best-in-class products, customer service that they know to expect and we look forward to creating more jobs, offering more products and continuing the Coker Group legacy together."
Corky Coker, son of company founder Harold Coker—who led the company for 40 years until his retirement in 2014—will retain ownership of Honest Charley Speed Shop and a property management company, which he will continue to manage with his children, the group said.