New York-based private equity firm Sentinel Capital Partners acquired Nivel, a manufacturer and distributor of aftermarket gold car replacement parts and accessories, from KODA Enterprises in its second deal in the last week.
Terms of the transaction were not disclosed, according to a statement.
Nivel, based in Jacksonville, Florida, supplies parts that include batteries, bearings, brakes and body accessories to major golf car manufacturers Club Car, E-Z-Go and Yamaha.
“The demand for golf car replacement parts is expected to continue to grow as more players enter the game of gold and new courses are constructed,” Sentinel principal Jim Coady said in a statement. “Additionally, 40% of the market for these cars is for use in non-traditional areas such as planned communities, industrial environments and as off-road transportation vehicles, and these sectors are growing at a faster rate that that for golf use.”
Last week, Sentinel partnered with company management to make a significant investment in Canadian yarn maker Spinrite for more than $50 million (€39 million), according to sources close to the transaction.