(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing middle market specialty consumer, business-to-business, distribution, and healthcare products and services businesses announced that Enthusiast Auto Holdings, LLC (“EAH”), which Cortec Group Fund VII, L.P. acquired in December 2019 in partnership with its management team, has acquired Teslaccessories, LLC, d/b/a EVANNEX (“EVANNEX” or the “Company”). EAH is a direct-to-enthusiast, digitally native platform that invests in and helps operate some of the most innovative e-commerce retailers in the performance automotive industry. Terms of the transaction were not disclosed.
EVANNEX was founded in 2012 by a team of Tesla enthusiasts and has grown into the premier website selling aftermarket accessories for Tesla vehicles and the emerging electric vehicle (EV) market. EVANNEX’s in-house design and development team, under the leadership of Matt Pressman (President) who will continue to manage the Company, has built a portfolio of world-class products that cater to the discerning EV enthusiast market. “We are excited to partner with EAH given their successful track record of working with entrepreneurs to expand their automotive e-commerce businesses,” said Mr. Pressman. “As a family business, our resources were more limited, but with EAH we anticipate rapidly broadening our product catalog and better serving our growing customer base.”
Imran Jooma, CEO of EAH, stated “EVANNEX has an outstanding reputation within the EV community, and their knowledge of Tesla accessories and the emerging EV market is unparalleled. EAH will bring expertise in digital marketing, operations, research & development, and technology to support the vision of EVANNEX’s team as they continue to grow their business.” EVANNEX is EAH’s sixth acquisition of specialty automotive aftermarket websites targeting specific enthusiast communities.
Jonathan Stein, a Cortec Managing Partner added, “we are excited to support EAH as it continues to broaden its addressable market of vehicles served, including through its strategic entry into the expanding market for EVs.”
About EVANNEX
Founded in 2012 and headquartered in Deerfield Beach, FL, EVANNEX is a leading direct-to-consumer e-commerce retailer of automotive aftermarket parts, components, and accessories for Tesla and other electric vehicles. Additional information about EVANNEX can be found at: www.evannex.com.
About EAH
EAH is a leading e-commerce retailer of specialty automotive aftermarket parts, offering more than two million active SKUs of performance, repair and maintenance parts, serving both direct-to-consumer and to professional installers. Founded in 2001, EAH is headquartered in Wadsworth, OH. EAH’s websites include: www.ecstuning.com, www.turnermotorsport.com, www.pelicanparts.com, www.rennline.com, www.texas-speed.com, www.z1motorsports.com, www.z1offroad.com, and www.evannex.com.
About Cortec
Founded in 1984, Cortec invests in leading, middle-market specialty consumer, business-to-business, distribution, and healthcare products and services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.
