Mustang Seats Acquired by Veteran-Founded Investor
Three Rivers, Massachusetts based Mustang Motorcycle Products LLC, maker of Mustang seats and related motorcycle accessories, has been acquired by LDR Growth Partners - a private investment firm "focused on acquiring and growing unique, cash flow generating businesses in the manufacturing, industrial products and transportation sectors."
Mustang "specializes in high-quality, handmade motorcycle seats" and was founded in 1980 by Al Simmons, a keen pilot, who named his business for the legendary P51 Mustang. The acquisition is the latest stage in what has been described as "The Great MAG Unwind."
Mustang was bought by the Motorsport Aftermarket Group (MAG) in 2004. MAG was eventually taken over by the then Tucker Rocky owner Lacey Diversified (of Indianapolis) in 2014. Mustang has now been bought by LDR from the group of investors (led by Monomoy Capital Partners), who themselves acquired MAG in the fall of 2017 when it emerged from its bankruptcy filing.
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| Standard Touring seat |
"Mustang Seats presents a tremendous opportunity for us at LDR," said William Brame, partner at LDR and co-head of its acquisition business. "Our unique approach is in providing growing companies the resources they need to continue to expand while identifying areas for new value creation.
"We'll invest in people, technology and the machinery the company needs to help deliver the iconic Mustang seats to motorcycle riders looking for our products domestically and internationally."
LDR was founded by three US Army officers in 2011. It is also the owner of LDR Advisory Partners and LDR Leadership, firms which focus on improving company, employee and leadership performance, and of Whitman Controls - a 50-year Bristol, Ct., based manufacturer of process automation controls. Mustang presently employs 85 people in a historic facility in Three Rivers.
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| Super Tripper |
LDR intends to keep Mustang's operations in its current primary location as it adds manufacturing technology, production capacity and marketing capabilities to the organization. The company has added nearly 20 additional employees since September of 2021 and the new owners anticipate hiring additional resources in the coming months to accomplish their goals.
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| Wide Tripper |
"We believe in Mustang's product, in its people and in the strength of the motorcycle accessory market," continued Brame. "Our leadership is excited about entrenching ourselves in this company and in the riding community. We look forward to meeting our loyal customers and partners at rallies and events this year."
"The leadership and employees here at Mustang couldn't be happier about the news," said Mustang GM Mike Cornelius. "The additional investment from LDR will help us take the next step forward. Our orders show that riders want Mustang seats and our team is excited to continue to deliver them to our loyal dealers and customers."
www.mustangseats.com