Bye bye, Jegs...
#3019646
02/28/22 11:45 AM
02/28/22 11:45 AM
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Joined: Dec 2005
Posts: 12,289 Fulton County, PA
CMcAllister
OP
Mr. Helpful
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OP
Mr. Helpful
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Fulton County, PA
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https://www.prnewswire.com/news-rel...CvYJNWzMxQUgP1e6mAS32GIBbYytMtMAjq-_ToJ8Greenbriar Announces Acquisition of JEGS Automotive RYE, N.Y., Feb. 24, 2022 /PRNewswire/ -- Greenbriar Equity Group, L.P. ("Greenbriar"), a leading middle market private equity firm today announced that funds managed by Greenbriar acquired a majority position in JEGS Automotive ("JEGS"), a leading online national retailer and distributor of high-performance aftermarket auto parts and accessories. The investment, which represents the first commitment of institutional capital to JEGS, aims to support continued product and market expansion while enhancing its technology and distribution capabilities. JEGS is Greenbriar's eighth platform investment completed in the last twelve months.
If the results don't match the theory, change the theory.
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Re: Bye bye, Jegs...
[Re: DavidDean]
#3019675
02/28/22 12:42 PM
02/28/22 12:42 PM
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Joined: Nov 2006
Posts: 2,261 IL
furious70
top fuel
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top fuel
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Posts: 2,261
IL
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It may not be all bad. Was it 2020 or 2021 when their operation blew up because of an IT incident, the site was very slow and unresponsive, they had to replace a bunch of computers for employees the guy told me when I was trying to place an order. Having someone invest in the business can be very positive to help it operate at scale.
70 Sport Fury 68 Charger 69 Coronet 72 RR
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Re: Bye bye, Jegs...
[Re: CMcAllister]
#3019681
02/28/22 01:02 PM
02/28/22 01:02 PM
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Joined: Jan 2003
Posts: 16,936 NC
440Jim
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https://www.prnewswire.com/news-rel...CvYJNWzMxQUgP1e6mAS32GIBbYytMtMAjq-_ToJ8Greenbriar Announces Acquisition of JEGS Automotive RYE, N.Y., Feb. 24, 2022 /PRNewswire/ -- Greenbriar Equity Group, L.P. ("Greenbriar"), a leading middle market private equity firm today announced that funds managed by Greenbriar acquired a majority position in JEGS Automotive ("JEGS"), a leading online national retailer and distributor of high-performance aftermarket auto parts and accessories. The investment, which represents the first commitment of institutional capital to JEGS, aims to support continued product and market expansion while enhancing its technology and distribution capabilities. JEGS is Greenbriar's eighth platform investment completed in the last twelve months. Enhancing distribution? I thought Jeg's already has great distribution. Maybe Greenbriar is going to use Jeg's capability for something else?
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Re: Bye bye, Jegs...
[Re: 440Jim]
#3019688
02/28/22 01:21 PM
02/28/22 01:21 PM
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Joined: Jan 2003
Posts: 18,025 S.E. Michigan
ZIPPY
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I haven't forgotten when Jegs bought up the local speed shop chain (Ramchargers) for the sole purpose of killing it.
Ramchargers was FAR from perfect but sometimes any local resource is better than nothing.
Time will tell how this plays out, hopefully for the better.
Rich H.
Esse Quam Videri
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Re: Bye bye, Jegs...
[Re: furious70]
#3019698
02/28/22 01:44 PM
02/28/22 01:44 PM
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Joined: Nov 2009
Posts: 3,082 St. Paul , Mn.
tubtar
master
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St. Paul , Mn.
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It may not be all bad. Was it 2020 or 2021 when their operation blew up because of an IT incident, the site was very slow and unresponsive, they had to replace a bunch of computers for employees the guy told me when I was trying to place an order. Having someone invest in the business can be very positive to help it operate at scale. Equity firms do not invest in businesses to spend money on them as a rule. Having someone invest in your business is one thing. Having a hedge fund put their filthy hooks into one is quite another.
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Re: Bye bye, Jegs...
[Re: tubtar]
#3019715
02/28/22 02:16 PM
02/28/22 02:16 PM
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Joined: Apr 2003
Posts: 3,564 Tulsa, Oklahoma
340Cuda
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"The Coughlin Family, which has successfully guided the Company's expansion across three generations, said, "After more than sixty years in business, our family was very focused on identifying a growth partner who shares our values and has a clear vision for the future of JEGS. We've found that partner in Greenbriar, and we look forward to remaining significant shareholders alongside them."
I don't think there is anything to worry about.
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Re: Bye bye, Jegs...
[Re: tubtar]
#3019726
02/28/22 02:55 PM
02/28/22 02:55 PM
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Joined: Nov 2006
Posts: 2,261 IL
furious70
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It may not be all bad. Was it 2020 or 2021 when their operation blew up because of an IT incident, the site was very slow and unresponsive, they had to replace a bunch of computers for employees the guy told me when I was trying to place an order. Having someone invest in the business can be very positive to help it operate at scale. Equity firms do not invest in businesses to spend money on them as a rule. Having someone invest in your business is one thing. Having a hedge fund put their filthy hooks into one is quite another. Having worked in PE owned companies for the past decade, I have a different perspective. I've personally and professionally benefited from the investment that came with the PE ownership. The companies would not have grown and hired without that investment.
70 Sport Fury 68 Charger 69 Coronet 72 RR
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Re: Bye bye, Jegs...
[Re: furious70]
#3019752
02/28/22 03:58 PM
02/28/22 03:58 PM
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Joined: Jan 2003
Posts: 19,537 Las Vegas
Al_Alguire
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Las Vegas
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Equity firms don't buy businesses to make them better for the customer. The generally buy them to profit from dismantling them. Not unuslay for the third generation of a family business to be disinterested in continuing to run/own them. They have lived a nice life from their predecessors hard work and usually have no interest in it.
"I am not ashamed to confess I am ignorant of what I do not know."
"It's never wrong to do the right thing"
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Re: Bye bye, Jegs...
[Re: Al_Alguire]
#3019755
02/28/22 04:07 PM
02/28/22 04:07 PM
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Joined: Aug 2003
Posts: 4,744 On the parachute mount
n20mstr
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On the parachute mount
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Equity firms don't buy businesses to make them better for the customer. The generally buy them to profit from dismantling them. Not unuslay for the third generation of a family business to be disinterested in continuing to run/own them. They have lived a nice life from their predecessors hard work and usually have no interest in it. Exactly....look at what the third generation of the Napp family did for drag racing at Raceway Park (Englishtown) They reduced one of the best 1/4 mile in the country to be used for burnout contests??? The only interest they have in the property is what will get them the most money....Rent it out to park junk cars ??? THe previous generations must be rolling over, they invented the JR Dragster at this track....and now this??? Sad but everything runs its course eventually
Last edited by n20mstr; 02/28/22 04:09 PM.
....BAD A$$ STREET CAR.....
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Re: Bye bye, Jegs...
[Re: n20mstr]
#3019768
02/28/22 05:13 PM
02/28/22 05:13 PM
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Joined: Nov 2006
Posts: 2,261 IL
furious70
top fuel
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top fuel
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IL
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I wouldn't convolute a PE investment/ownership with how a founding family/small private ownership chooses to take an offramp from the business they built. Often the 'hero/charismatic' model a founder operated under doesn't translate to any other owner, no matter who they are.
70 Sport Fury 68 Charger 69 Coronet 72 RR
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Re: Bye bye, Jegs...
[Re: furious70]
#3019777
02/28/22 05:47 PM
02/28/22 05:47 PM
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Joined: Aug 2003
Posts: 5,025 new jersey usa
11secdart
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new jersey usa
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Thats exactly what happened to Raceway Park / Englishtown.. third generation has the money via earlier generations and had no desire to run the strip... I see Tony / N2Omstr beat me to it! IMO Jegs has been going down hill for awhile now., customer service is awful. I buy most of the parts I need from Summit.
Last edited by 11secdart; 02/28/22 05:55 PM.
68 Dart 410 / 904 92 D150 original owner 21 Ram 1500 Quad Cab, Big Horn , Hemi ,4x4 23 Audi Q5 16 Honda HRV
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Re: Bye bye, Jegs...
[Re: 340Cuda]
#3019863
02/28/22 11:58 PM
02/28/22 11:58 PM
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Joined: Dec 2005
Posts: 12,289 Fulton County, PA
CMcAllister
OP
Mr. Helpful
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OP
Mr. Helpful
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Fulton County, PA
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"The Coughlin Family, which has successfully guided the Company's expansion across three generations, said, "After more than sixty years in business, our family was very focused on identifying a growth partner who shares our values and has a clear vision for the future of JEGS. We've found that partner in Greenbriar, and we look forward to remaining significant shareholders alongside them."
I don't think there is anything to worry about. I've heard that line every time a family cashed out of an old line business and sold to these vultures. How soon before they start cutting the slow movers and Mopar stuff? Make a list of all the companies swallowed up by PEs that have done a better job for the racers and customers after the buy out. How many iconic American parts and pieces now being made in China and aren't as good. How many knowledgeable people shown the door. How many great but slow movers disappeared from catalogs.
Last edited by CMcAllister; 03/01/22 12:07 AM.
If the results don't match the theory, change the theory.
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Re: Bye bye, Jegs...
[Re: ZIPPY]
#3019870
03/01/22 12:37 AM
03/01/22 12:37 AM
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Joined: Mar 2008
Posts: 764 NW Pa.
KD800X
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I haven't forgotten when Jegs bought up the local speed shop chain (Ramchargers) for the sole purpose of killing it.
Ramchargers was FAR from perfect but sometimes any local resource is better than nothing.
Time will tell how this plays out, hopefully for the better.
I worked at Jegs in the late 80's through the early 90's, and have friends working there to this day. I have never heard anything about Jeg buying the Ramchargers. Where did you hear that at? Trust me working there when Mail Order was just getting rolling, the only competition we paid any attention to was Summit, keeping in mind they were 2 hrs up the road.
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Re: Bye bye, Jegs...
[Re: Dabee]
#3019874
03/01/22 12:58 AM
03/01/22 12:58 AM
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Joined: Nov 2004
Posts: 16,631 On the run…
BloFish
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On the run…
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Bye bye, Jegs, hello Summit.
It really doesn't matter whether you win or lose… as long as you look good doing it!
‘65 A100 ‘69 ‘Cuda ‘73 Vega GT ‘06 Mega Cab ‘14 Mercedes SLK
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Re: Bye bye, Jegs...
[Re: ZIPPY]
#3019887
03/01/22 08:56 AM
03/01/22 08:56 AM
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Joined: Jan 2003
Posts: 8,222 Plymouth, MI
Blusmbl
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I haven't forgotten when Jegs bought up the local speed shop chain (Ramchargers) for the sole purpose of killing it. I thought that was Livernois Motorsports but my memory is fuzzy. I remember they were briefly going to keep the Livonia one open but it closed as well, and is now a Indian/Victory powersports dealer.
'18 Ford Raptor, random motorcycles, 1968 Plymouth Fury III - 11.37 @ 118
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