MidOcean Partners closed a single-asset continuation vehicle for Cloyes Gear and Products, securing approximately $300 million in commitments. Hamilton Lane (NASDAQ: HLNE) served as the sole lead investor in the transaction.

The continuation vehicle allows MidOcean to extend its ownership of the automotive aftermarket company while providing existing investors options for liquidity or continued investment. MidOcean-managed entities made an additional investment in Cloyes and will maintain a controlling stake in the company.

Cloyes designs, develops, manufactures and distributes timing drive systems and components for the automotive aftermarket. The company operates as the North American leader in its sector and serves customers including wholesale distributors, retailers and engine builders.

MidOcean initially invested in Cloyes in 2022. Since then, the company has pursued growth through product innovation, category expansion, strategic acquisitions and operational improvements. John Hanighen, who serves as Cloyes' chief executive officer, was appointed chairman of the board.

"Cloyes is a high-quality, market-leading business with a strong track record of performance and a differentiated position in the automotive aftermarket," said Daniel Penn, managing director at MidOcean.

"Cloyes has built a reputation as a trusted supplier of critical engine components, and demand for our products remains strong," said Hanighen. "With MidOcean's continued support, we are focused on expanding our product offerings, enhancing our supply chain capabilities, and delivering best-in-class service to our customers worldwide."

Piper Sandler served as financial advisor and Kirkland & Ellis provided legal counsel to MidOcean for the transaction. The information is based on a company press release.