Valesco Industries Invests in TopDown
Mar 02, 2022
On February 25, 2022, Valesco closed its twelfth platform investment out of Valesco Fund II. Headquartered in North Hollywood, CA, TopDown, Incorporated (“TopDown” or the “Company”) is a premier designer, manufacturer, and supplier of branded automotive aftermarket products. TopDown is the industry leader in replacement convertible tops while also offering a variety of interior soft good products including seat covers, headliners, carpet and door panels, and Jeep tops. The full product portfolio includes almost every vehicle make, model and production year.
TopDown drives a multi-channel sales strategy consisting of over 5,000 unique customers including distributors, trim shops, and direct-to-consumer customers through proprietary and marketplace platforms. The Company leverages its highly skilled labor force and state-of-the-art production facilities to provide customers with industry-leading replacement parts and auto accessory solutions. Operating under eight distinguished brands, including GAHH Automotive, Robbins Auto Top, EZ On Auto Tops, and CalTrend, TopDown is a global leader serving customers in over 80 countries.
Valesco is supporting a majority recapitalization, partnering with the existing management team and our co-investors, Brookside Capital Partners, Patriot Capital, Tecum Capital, and a Valesco Limited Partner, to capitalize on the Company’s strong business model. Subordinated debt was provided by Valesco and its co-investors, and a senior term loan and revolver were funded by Enterprise Bank who is also an investor in Valesco Fund II.
Upon closing the deal, TopDown CEO Rodney Wells stated, “We are thrilled to partner with the talented team at Valesco Industries. TopDown’s experienced leadership team and market leading brands are well-positioned for continued growth which we are confident we can accelerate with the support of our partners at Valesco Industries.” Additionally, Valesco has identified substantial growth opportunities via the expansion of digital sales strategies, innovative product development, and strategic acquisitions. Subordinated debt was provided by Valesco and its co-investors, and a senior revolver was funded by Enterprise Bank who is also an investor in Valesco Fund II.
Valesco continues to seek investment opportunities to provide equity and subordinated debt for control buyout, recapitalization, minority, management buyout, and mezzanine situations from Valesco Fund II. We are thrilled to partner with TopDown and its management team to position the Company for continued success.
About Valesco
Valesco is a Dallas, Texas based private equity firm that focuses on making control and non-control investments in select growth-oriented small- and lower- middle-market businesses engaged in manufacturing, distribution and business-to-business services. Valesco specializes in partnering with a company’s management team to support its growth objectives. As long-term industry veterans, the principals have capitalized and built numerous successful businesses, serving those companies in varying roles as investors, managers, advisors and directors.