Ecutek acquired by Promus Equity-backed Autometer

EcuTek, a leader in ECU tuning, has been acquired in a strategic company sale. This acquisition highlights EcuTek’s growth, innovation, and future prospects in performance tuning and emerging automotive technologies.

EcuTek Acquisition Marks New Chapter in ECU Tuning

Strategic Business Sale Signals Growth and Innovation

EcuTek, a renowned leader in ECU tuning, has been acquired in a strategic business sale, marking a significant milestone in the company’s 20-year journey. This acquisition underscores EcuTek’s legacy of innovation and sets the stage for its continued expansion in performance tuning and emerging automotive technologies.

A Legacy of Performance and Precision

Founded two decades ago, EcuTek initially focused on tuning Cosworth vehicles before expanding into Japanese high-performance models, including Subaru, Nissan, and Mitsubishi. The company quickly gained a reputation for unlocking ECUs while maintaining factory fail-safes, earning the trust of major OEMs such as Subaru, Mazda, and Nissan.

EcuTek’s breakthrough moment came in 1999 when co-founders Merv Carroll and Steve Done successfully unlocked a Subaru Impreza ECU after months of research and development. This achievement revolutionized ECU tuning, allowing advanced adjustments to boost pressure, ignition timing, and other critical performance parameters.

Acquisition to Drive Future Growth

The acquisition is expected to propel EcuTek into new markets and further strengthen its technological expertise. With increasing interest in performance tuning for electric and hybrid vehicles, EcuTek is well-positioned to capitalize on emerging trends in the automotive sector.

David Power, an automotive entrepreneur, played a pivotal role in scaling EcuTek, leveraging digital forums and industry events like SEMA to boost visibility. The company’s software, Flash2002, became an industry benchmark, expanding applications to models such as the Nissan GT-R and securing high-profile partnerships with brands like Prodrive.

Exit Planning and Advisory Support

The business sale was managed with expert M&A advisory support from James Pugh, ensuring a seamless transition for EcuTek’s shareholders. Steve Done, EcuTek’s co-founder, emphasized the importance of having an experienced advisor to navigate the complexities of the acquisition process.

“James was instrumental in securing the best offer for our business and guiding the sale to a successful conclusion,” said Done. “His deep understanding of financial, technical, and legal aspects was invaluable.”

What’s Next for EcuTek?

As EcuTek embarks on this new chapter, its focus remains on advancing ECU tuning technology and exploring opportunities in electric vehicle performance. With a strong foundation and strategic backing, the company is poised for sustained growth in the evolving automotive landscape.

This acquisition not only validates EcuTek’s contributions to the industry but also highlights the importance of exit planning for businesses looking to transition effectively while maximizing value.

Auto Meter’s M&A journey: building an industry leader

In June 2013, Promus Equity acquired Auto Meter Products from Harbour Group.

Veteran automotive leader Jeff King was appointed CEO, after successfully leading the $100m Kohlberg-backed MBO of Holley Performance Products and overseeing $150m in acquisitions before Holley’s 2021 IPO.

Auto Meter expanded further by acquiring Texas-based Cobb Tuning in 2014, supported by Promus Equity and Avante Mezzanine Partners.

In 2017, Auto Meter's subsidiary, Engineered Performance Technologies of Illinois, acquired EcuTek, further cementing its growth trajectory.

James Pugh advised the shareholders of Ecutek on the sale.

Client feedback

“James was instrumental in achieving the very best offer for the business, as well as driving the sale through to a successful conclusion.

"He took the time to understand our business and really ‘got’ what we did. When it came to meeting potential acquirers, he was then able to confidently sell the business on its merits.

"James is super-intelligent, driven, focused, remembers everything you say, and takes time to understand what you are conveying.

"It was a unique experience for us - my business partner and I - to have industry professionals ask in-depth questions about our business, then sit by and watch as someone else articulately answered them with accuracy and confidence.

"James was able to very competently discuss technical, financial, and legal issues with each of the various experts involved in the deal. He overstepped his remit wherever required to pick up tricky loose ends that others had avoided or missed."

Steve Done, co-founder

Ecutek Technologies

Why having an M&A advisor was crucial: Steve Done’s experience selling Ecutek

Steve Done, former co-owner, shares his experience of selling Ecutek with the help of James Pugh.

Reflecting on the process, Steve explains that he would never have considered going through it without expert guidance.

Having someone like James Pugh by his side ensured they could create healthy competition among potential buyers, significantly boosting the sale value. Steve highlights the importance of having someone who speaks the language of M&A and understands complex financial details — areas where he wasn’t experienced.

Though the process was intense, particularly the due diligence, Steve emphasises the importance of teamwork and communication.

He also shares a valuable lesson: in future deals, he would ask the buyer to appoint a single point of contact to avoid being overwhelmed by repetitive requests.

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