Hicks Equity Partners, Gemini Investors and Monhegan Partners are buying Just Brakes.
Just Brakes, headquartered in Bryan, Texas, provides automotive brake and maintenance services. Terms of the deal were not disclosed. The company has 130 locations in eight states.
To make the purchase, Hicks, Gemini and Monhegan teamed up with former TBC Corp. president Bill Ihnken, who will step in as CEO of Just Brakes. Ihnken previously oversaw the TBC company-owned store division, which includes tire and automotive service centers.
Hicks is the private equity arm of Hick Holdings LLC, a holding company for the family assets of Thomas Hicks, a private equity investor.
Gemini, headquartered in Wellesley, Mass., is a private equity firm that focuses on lower middle-market businesses. The firm is currently investing from Gemini Investors V LP, which has $190 million in committed capital.
Monhegan is a private equity firm headquartered in Darien, Conn. The firm usually invests between $10 million and $35 million in deals.