On July 15, 2024, TorQuest Partners successfully acquired Mevotech L.P., a North American leader in engineering and design of driveline, steering, and suspension parts for the auto aftermarket, from funds managed by Penfund Management Limited. The transaction's terms were not disclosed. Mevotech's CEO, Ezer Mevorach, will continue to serve on the board and as CEO.

Founded in 1982 and headquartered in Toronto, Ontario, Mevotech has built a reputation for high-quality, durable products. Under Penfund’s ownership, Mevotech expanded its product line and service levels, becoming a trusted name in the industry. Ezer Mevorach praised Penfund for its investment and support, which enabled the company to provide superior products and services to its customers.

Daniel Sonshine, Partner at TorQuest, expressed enthusiasm for partnering with Mevotech, emphasizing TorQuest's strategy of supporting strong Canadian businesses. Jeremy Thompson, Partner at Penfund, commended the Mevotech team for their achievements and extended best wishes for their future with TorQuest.

This acquisition marks the first investment from TorQuest Partners Fund VI. Financial advisors for the company included Harris Williams LLC and William Blair & Company LLC. Legal counsel for the company and management were provided by Osler, Hoskin & Harcourt LLP and Goodmans LLP. Torys LLP served as legal counsel to TorQuest Partners.