Aftermarket seat company gets acquired by private equity firm

A veteran-founded and growth-oriented investment firm, LDR Growth Partners, has added to its portfolio by acquiring one of the most popular brands in aftermarket seats.

LDR Growth Partners has acquired Mustang Motorcycle Products LLC, maker of Mustang Seats and related motorcycle accessories, in a private transaction that closed last Friday. Mustang, known for high-quality, handmade motorcycle seats, was founded in 1980 near Three Rivers, Massachusetts, where the company maintains factory operations. Mustang was purchased out of Motorsport Aftermarket Group, owned by a group of investors, led by Monomoy Capital Partners. 

“Mustang Seats presents a tremendous opportunity for us at LDR,” said William Brame, partner at LDR and co-head of its acquisition business. “Our unique approach is in providing growing companies the resources they need to continue to expand while identifying areas for new value creation. We’ll invest in people, technology, and the machinery the company needs to help deliver the iconic Mustang Seats to motorcycle riders looking for our products domestically and internationally.”

Mustang employs 85 people in a historic facility in Three Rivers. The company was founded by Al Simmons and named after the legendary P51 military aircraft from World War II. Mustang designs and manufactures a variety of styles of seats, with fitments for all major brands of motorcycles. The company also offers rider and passenger backrests and seating-related products.

LDR Growth Partners is a private investment firm focused on acquiring and growing unique, cash flow generating businesses in the manufacturing, industrial products, and transportation sectors. The company currently owns and operates Whitman Controls, a 50-year manufacturer of process automation controls with large, multinational customers across a range of industries. LDR, founded in 2011 by three U.S. Army officers, is also the owner of LDR Advisory Partners and LDR Leadership, firms which focus on improving company, employee and leadership performance.

LDR intends to keep Mustang’s operations in its current primary location as it adds manufacturing technology, production capacity and marketing capabilities to the organization. The company has added nearly 20 additional employees since September of 2021 and the new owners anticipate hiring additional resources in the coming months to accomplish their goals. 

“We believe in Mustang’s product, in its people and in the strength of the motorcycle accessory market,” continued Brame. “Our leadership is excited about entrenching ourselves in this company and in the riding community. We look forward to meeting our loyal customers and partners at rallies and events this year.”

“The leadership and employees here at Mustang couldn’t be happier about the news,” said Mustang GM Mike Cornelius. “The additional investment from LDR will help us take the next step forward. Our orders show that riders want Mustang Seats and our team is excited to continue to deliver them to our loyal dealers and customers.”