Banyan Acquires Competition Specialties Inc.
COLLEYVILLE, Texas, June 8, 2023 (Newswire.com) - Banyan Technologies Group (Banyan) today announced that it has completed an acquisition of Competition Specialties Inc, (CS) the market-leading Wholesale Distributor of Auto Accessories in the Pacific Northwest U.S., with a strong presence along the West Coast. Founded in 1966, CS has grown into a regional powerhouse carrying the industry's strongest brands and a loyal customer base of thousands of jobbers and installers who consider CS their 'first call' option for specialty trucks and SUV accessories. www.compspecialties.com www.csiaccessories.com
"Competition Specialties is known for our commitment to providing unmatched customer service and reliable operational performance, with coverage of warehouses, delivery trucks, and field teams in multiple locations all across the Western States," said Ken Woomer, President of Competition Specialties Inc. "We really liked the Banyan story and their deep roots and passion for serving the Auto Aftermarket, they are the right partners to help take this company my family has built to its next level,' he added.
"We are very excited about CS; its people & culture; its market coverage; its loyal customer base; and honored that Ken has chosen Banyan to be the stewards of CS as it embarks on the next phase of its growth journey," said Tanvir Arfi, founder and CEO of Banyan. "We look for quality assets with competent management teams in attractive end markets with no prior institutional capital; CS checked all of these boxes," he added.
Banyan once again partnered with Greyrock Capital Group, a mid-market capital provider on this deal. "We partner with experienced operators and end-market expert sponsors on many of our transactions. We were immediately attracted to CS due to its strong end market, passionate customers, and experienced management team," said Sam Snyder, Managing Partner of Greyrock Capital Group.
With this transaction, effective immediately, David Green has been promoted to President of CS. Ken Woomer will continue as an advisor to David, the CS leadership team, and Banyan. "CS will continue to operate from its current facilities and infrastructure with immediate plans to expand its same/next day service capability by adding new distribution points and field teams in the very near future. Our customers should see even better support and availability of products in this next phase of our growth," said Dave Green.
About Banyan:
Founded in 2018 by industry C-suite executives, Banyan has quickly grown into a major player in the automotive aftermarket. Banyan's current portfolio consists of some of the industry-leading companies that provide tech-enabled services and software to the best-known brands in the world. www.banyantechgroup.com.
For further inquiries, please contact Randy Williamson, randy.williamson@csi-connect.com | 253.833.6211 x1330
Source: Banyan Technologies Group
