Colmar-based Dorman Products, an aftermarket supplier of equipment parts for automobiles, is acquiring SuperATV, based in Indiana, in a deal valued at up to $590 million. Ryan Mulligan revved up his reporting skills in presenting the Philadelphia Business Journal account of the deal.

The 104-year-old Dorman Products will pay $490 million in cash, along with up to $100 million in the next two years (depending on 2023 and 2024 performance).

The deal is expected to close before the end of the year.

Dorman Products specializes in manufacturing and selling products and parts for car and truck models. SuperATV occupies a similar business model but focuses on parts and products for off-road vehicles.

The acquiring company expects to see the market for utility terrain vehicle accessories expand from $2.5 billion last year to $3.9 billion by 2026.

According to Dorman CEO Kevin Olsen, the company is “…confident we can leverage Dorman’s playbook to further accelerate growth.”

“Not only is SuperATV a leader in their space with an extensive portfolio of widely recognized brands and proprietary products, but they also have a highly successful approach to new product innovation that aligns closely with Dorman’s business model,” he added.

Read more about this strategic move by Dorman Products in the Philadelphia Business Journal.