Ecutek acquired by Auto Meter /Promus Equity

EcuTek: A 20-year journey of growth and innovation

Founded two decades ago, EcuTek has become a leader in ECU tuning.

Initially focused on Cosworth cars, the company transitioned to Japanese high-performance models like Subaru, Nissan, and Mitsubishi.

EcuTek is renowned for unlocking ECUs while maintaining factory fail-safes, making it a trusted partner for OEMs such as Subaru, Mazda, and Nissan.

Breakthrough moment

EcuTek’s pivotal moment came in 1999 when co-founders Merv Carroll and Steve Done unlocked a Subaru Impreza ECU after months of research and development.

This achievement revolutionised the tuning industry, allowing for advanced adjustments like boost pressure and ignition timing.

Partnerships and expansion

Automotive entrepreneur David Power joined to scale EcuTek, leveraging online forums like Scoobynet to increase visibility.

Their breakthrough software, Flash2002, launched at SEMA and expanded applications to models like the Nissan GT-R.

High-profile brands such as Prodrive began using EcuTek's tuning tools for dealer upgrades.

Innovations and future prospects

EcuTek's technology has been embraced in motorsports, including Ken Block’s gymkhana Subaru and Mitsubishi UK’s Britcar entry.

The company is optimistic about future tuning opportunities with performance cars and electric vehicles.

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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