River Associates Announces Acquisition of Horsepower Automotive Group

Marking Our Third Platform in the Automotive Aftermarket

CHATTANOOGA, Tenn., July 8, 2026 /PRNewswire/ -- River Associates Investments, L.P. ("River Associates"), a longstanding lower middle market private equity firm based in Chattanooga, TN, is pleased to announce the successful acquisition of Horsepower Automotive Group ("Horsepower" or the "Company"). The transaction closed on June 11, 2026.

Based in Chandler, Arizona, Horsepower is a portfolio of aftermarket automotive brands serving enthusiast vehicle platforms, including Ford, Mercedes, Jeep, Chevrolet, Toyota, Ram, and Lexus, trucks, vans, and SUVs. The Company designs, manufactures, and distributes performance parts and accessories used in off-road, overlanding and adventure vehicle applications, including bumpers, armor, suspension components, racks, storage systems, exterior accessories and related products.

Horsepower's brand portfolio includes Flatline Van Co. (FVCO), DV8 Off-Road, Addictive Desert Designs ("ADD"), C4 Fabrication and Rago Fabrication. Collectively, the brands serve a diverse base of vehicle owners, upfitters, distributors and OEM accessory programs through branded direct-to-consumer websites, aftermarket channels and upfitter relationships.

"Throughout the process, River Associates stood out as the right partner for Horsepower Automotive Group due to their thoughtful approach and extensive experience working with automotive aftermarket companies," said Chris York, CEO of Horsepower Automotive Group. "We are excited to partner with a team that understands our brands, our customers and the growth opportunities ahead. With River's support, we will continue investing in new product development, expanding our capabilities and strengthening our reach across the off-road and overland aftermarket, while preserving the authenticity, service, quality and reputation that our brands have built with enthusiasts."

"We are excited to welcome Horsepower Automotive Group to River's portfolio," said Blake Lewis, Principal at River Associates. "Horsepower is an excellent platform for River's Fund VIII, with a portfolio of premium enthusiast brands, a strong management team and a scalable operating foundation supported by meaningful investments in product development and manufacturing capabilities. We look forward to partnering with the team and supporting Horsepower as it continues to build on its momentum in the off-road and overland aftermarket."

River Associates funded the transaction with equity from its eighth investment fund, River VIII, L.P. Blake Lewis, Principal, and Jacob Poe, Vice President, led the process for River Associates. Financing was provided by Abacus Finance Group, LLC and GMB Capital Partners. River Associates was advised by Holland & Knight, LLP. Horsepower was advised by Prestwick Partners, LLC and Honigman Miller Schwartz and Cohn LLP.

River Associates and the Horsepower management team plan to pursue strategic add-on acquisitions that complement and enhance the platform. The team is seeking businesses that manufacture, distribute or supply off-road and overland aftermarket equipment, parts and accessories; serve enthusiast vehicle platforms; or add adjacent product, channel or operational capabilities. For more information or to share potential add-on opportunities, please contact Mark Jones or Kirby Poindexter.

About River Associates:
River Associates is a private equity firm based in Chattanooga, TN, which has focused exclusively on investing in the lower middle market for over 35 years. Target businesses can be privately held, private equity-backed, or divestitures from larger companies in the U.S. and Canada with initial EBITDA in the $3-12 million range. River Associates is opportunistic as to industry and has invested in numerous niche manufacturers, high margin distributors, industrial service providers and business service companies. Since its founding in 1989, River Associates has completed more than 125 transactions and is investing its eighth investment fund with $345 million of committed capital. For more information, visit riverassociates.com.

CONTACT: Laura Baggett, [email protected]

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SOURCE River Associates Investments