DuraBrake announced on Tuesday that Tiger Lily Holdings made a "significant" investment in the company.
"We are excited to partner with Tiger Lily. We believe its investment philosophy aligns well with DuraBrake's long-term strategy, and will allow us to accelerate our growth plans, continue to invest in new products and markets and improve our value proposition to customers and partners," says Neil Shroff.
The Shroff family ownership group will remain meaningful equity owners and will still make up the DuraBrake senior leadership team.
"We see the opportunity to support the continued expansion of the business through growth in new products and serving new geographies," says Scott Cullterton, managing member at Tiger Lily. "We will also be opportunistic in further expediting growth through strategic acquisitions."
The investment was facilitated by Hart Max Advisors. Financial terms of the purchase were not disclosed.
