Andrew Graves, president and chief executive officer of Motorsports Aftermarket Group (MAG), will be retiring effective July 31 the company announced in a press release.
“This is a personal decision based on my desire to spend more time with my family, pursue other interests, and engage more fully in service opportunities,” Graves said in a press release. “I believe the timing for me to retire this summer coincides well with MAG embarking on a new chapter; this is the appropriate time for an effective transition of leadership.”
The change in leadership comes after Graves guided the company through bankruptcy last year. The company emerged from Chapter 11 bankruptcy earlier this month as a means of eliminating $300 million in debt through a debt for equity exchange that started in November 2017. MAG stated that its affiliates day-to-day business would be unaffected and that it expected to “emerge in the first quarter 2018 as a stronger, better capitalized and competitive company,” according to a press release.
Monomoy Capital Partners, BlueMountain Capital and Contrarian Partners lead the new owners group.
“We are thankful for Andy’s strong leadership of MAG through the bankruptcy process and are grateful for his willingness to provide a smooth transition in this interim period,” David Robbins, managing director of Monomoy Capital Partners, stated in a press release. “MAG now has a healthy balance sheet and an ownership group eager to support new growth opportunities.”
Graves has been MAG’s chief executive since January 2015. The company will begin an external search to find a replacement and has asked Graves to remain as a consultant through July 2019 in order to help facilitate the transition.
MAG is an independent manufacturer and distributor of branded aftermarket products and online retailer for the powersports industry. The company owns and operates several prominent powersports companies, including Tucker Rocky, Biker’s Choice, J&P Cycles, and DragonFire Racing.