Private equity firm Gryphon Investors has acquired a majority interest in automotive air- and oil-filtration product manufacturer K&N Engineering. According to a release, Jerry Mall, one of the original founders of K&N, along with current management will continue to hold a significant investment in the company. The terms of the transaction were not disclosed.
K&N Engineering was founded in 1964 and currently has offices in the United Kingdom and the Netherlands.
"K&N is the leading performance filter brand in the automotive space, known for its authenticity and a tremendous reputation for quality," said Gryphon Managing Partner David Andrews. Keith Stimson, Gryphon Partner and head of its Consumer Products and Services Group, added, "Auto enthusiasts have sworn by K&N products for more than 40 years, and we look forward to working with K&N's talented management team to further build its brand in the United States, while accelerating its international expansion."
According to a release, this is Gryphon's second investment in the automotive aftermarket sector. The firm previously owned MSD Ignition.
"K&N is thrilled to be partnering with Gryphon, and we believe, as a result of their industry focus and operating resources, that they are the ideal partner as we embark upon our next expansion phase," said Steve Rogers, CEO of K&N. "Consumer affinity and demand for our products continues to grow, and there are a multitude of expansion opportunities that we are excited to pursue. We believe Gryphon will help us expand within our core customer base and attract others who want to achieve the highest performance from their cars and trucks."