Hot Rod Brands is buying Accel Performance Group for an undisclosed amount.
Accel, headquartered in Cleveland, manufactures ignition coils, boxes, fuel pumps, fuel injectors and other parts for cars.
Hot Rod is an affiliate of Z Capital Partners, a Lake Forest, Illinois-based private equity firm. The firm has about $1.9 billion in assets under management.
Hot Rod has made other acquisitions, including the purchase of car parts group MSD Performance Group (MSDP) in 2013 through a bankruptcy auction. To support the Accel acquisition, Chicago lender Monroe Capital LLC has increased the credit facility for MSDP.
The transaction follows several other car parts deals, including the Carlyle Group’s (Nasdaq: CG) acquisition of AxleTech International, which makes car parts for specialty vehicles, and Palladium Equity Partners deal for Raben Holdings, a maker of auto parts.