Gryphon Investors, a San Francisco-based private equity firm, announced on Friday that it has acquired a majority interest in K&N Engineering. Jerry Mall, one of the original founders of K&N, along with current management, will continue to hold a significant investment in K&N. Terms of the deal were not disclosed.
"K&N is the leading performance filter brand in the automotive space, known for its authenticity and a tremendous reputation for quality," Gryphon managing partner David Andrews said.
Keith Stimson, Gryphon partner and head of its Consumer Products and Services Group, added, "Auto enthusiasts have sworn by K&N products for more than 40 years, and we look forward to working with K&N's talented management team to further build its brand in the U.S., while accelerating its international expansion."
"K&N is thrilled to be partnering with Gryphon, and we believe, as a result of their industry focus and operating resources, that they are the ideal partner as we embark upon our next expansion phase," K&N CEO Steve Rogers said. "Consumer affinity and demand for our products continues to grow, and there are a multitude of expansion opportunities that we are excited to pursue. We believe Gryphon will help us expand within our core customer base, and attract others who want to achieve the highest performance from their cars and trucks."
K&N invented the reusable high flow cotton air filter in 1969, and today sells more than 2 million filters each year designed for cars, trucks, motorcycles, engines, and industrial applications in more than 30 countries.