Dayco to be acquired by Hidden Harbor Capital Partners

Dayco, a Michigan-based supplier of engine products and drive systems for the automotive and aftermarket industries, has agreed to be acquired by private equity firm Hidden Harbor Capital Partners for an undisclosed price.

Established in 1905, Dayco is engaged in research, designing, manufacturing, and distribution of essential engine drive systems as well as aftermarket services.

Joel Wiegert — Dayco CEO said: “This is an important milestone for our business, and we are excited as we enter our next phase of growth with our new partners at Hidden Harbor.

“We look forward to teaming up with Hidden Harbor and drawing upon the expertise of their operating partners to build on Dayco’s success. Our partnership with Hidden Harbor will enable Dayco to have greater flexibility to deliver for our customers, supply chain partners, and employees and move forward together toward a successful future.”

Dayco has over 40 locations across 22 countries and has more than 3,600 associates.

Andrew Joy — Hidden Harbor Partner said: “We are excited to work with Joel and the rest of the talented global executive leadership team and employees to further build upon the Dayco brand, which has been valued by customers and partners world-wide for more than 100 years.”

The deal, which is subject to the meeting of customary closing conditions, is likely to be wrapped up in Q3 2022.