Private equity firm Palladium Equity Partners is adding to the automotive parts M&A trend with an investment in Raben Holdings.

Raben, headquartered in Evansville, Indiana, sells tires and provides automotive services. The company has 25 stores, two wholesale distributes centers and three retreading facilities. The company was founded in 1952 by Butch Raben. The Raben family invested in the transaction alongside Palladium. Terms of the transaction were not disclosed.

Palladium, headquartered in New York, has about $2.5 billion in assets under management.  The firm's other recent investments include a majority investment in jewelry retailer Daniel's Jewelers in November, and insurer Pronto General Agency Ltd., in October. The firm closed a $1.14 billion fund in April. 

Investors have been scooping up car parts companies for months as sales of new and used cars rise worldwide. Recent auto parts deals include Lindsay Goldberg LLC's investment in Dealer Tire LLC in November, and Clearlake Capital Group's purchase of Sage Automotive Interiors in October.