MSD Performance Group $78 million asset sale set to close this week

By Caroline Salls

Pittsburgh, Dec. 16 - MSD Performance Group said Z Capital Partners LLC affiliate Hot Rod Brands, LLC acquired the company, according to a company news release.

Z Capital said in a separate news release that the transaction, which was approved on Nov. 26 by the U.S. Bankruptcy Court for the District of Delaware, is scheduled to close this week.

As previously reported, the MSD Performance assets were sold for $78 million, the credit bid amount, to Z Capital, which holds about 59% of the MSD debt.

"We are excited to add MSDP to the Z Capital portfolio of companies and believe it to be a terrific growth platform," Z Capital president and chief executive officer James J. Zenni said in the release.

"MSDP represents substantial brands within the performance segment and we look forward to further solidifying and growing that brand recognition."

MSD Performance CEO Ron Turcotte said in a release from Z Capital, "With a restructured balance sheet, major reduction in debt and an engaged owner, MSDP is poised for positive internal growth as well as growth through focused acquisitions."

MSD Performance, an El Paso-based maker of performance auto products, filed for bankruptcy on Sept. 6. The Chapter 11 case number is 13-12286.

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