Motorsport Aftermarket Group announced the company's successful emergence from Chapter 11, following the court's confirmation of its Plan of Reorganization.
MAG entered a voluntary Chapter 11 process in November to implement a comprehensive debt recapitalization. The company achieved its goal to move through this process quickly.
"I am proud of our team and enthusiastic about MAG's future,” said Andy Graves, president and CEO of MAG. “The restructuring process was not without its challenges; our team is grateful for the support, patience, and continued commitment of our employees, suppliers and customers."
MAG has been able to largely operate under normal business conditions throughout the bankruptcy process, and has not experienced any layoffs or business portfolio changes as a result of the filing.
Now, standing on more solid financial footing MAG is a stronger and more competitive company. Upon emergence MAG is under new ownership led by Monomoy Capital Partners, BlueMountain Capital and Contrarian Partners. These companies have extensive experience with consumer products and lifestyle businesses such as MAG and are committed to their continued growth and success.
"MAG represents many of the top brands in the powersports industry,” said David Robbins, managing director of Monomoy Capital Partners. “We are excited about the strength of the MAG Leadership Team, the brand portfolio, distribution capabilities, and e-commerce reach of the business. We look forward to supporting MAG as the company can now invest more freely in growth opportunities."
"We have kicked off the new retail season and all of our teams are focused on delivering great products and services to our customers, dealers, and other partners,” Graves said. “Now that we have emerged, we are shifting our focus to what matters most – serving our customers and continued growth of our brands within the powersports industry.”