Cloyes Unifies Leadership for Aggressive Aftermarket Growth

FORT SMITH, AR – April 29, 2026 – Cloyes Gear & Products, Inc., a pivotal player in the automotive aftermarket, has consolidated its leadership by appointing CEO John Hanighen to the additional role of Chairman of the Board. The move, directed by parent company and private equity firm MidOcean Partners, signals a powerful vote of confidence in Hanighen's leadership and a strategic doubling-down on the company's aggressive growth trajectory in the mission-critical engine components sector.

A Unified Vision for Growth

The appointment merges the company's top executive and governance roles, creating a streamlined command structure poised for decisive action. This consolidation is seen by industry observers as a move to accelerate Cloyes' strategic initiatives, which under Hanighen have already included significant expansion and operational refinement.

“I’m honored to take on this role,” said Hanighen in a statement. “Cloyes has a strong foundation, a talented team, and a clear growth path. I look forward to continuing to work closely with MidOcean and our leadership team to drive long-term growth and deliver value to our customers and partners.”

This sentiment was echoed by the company's financial backers. “John’s appointment as Chairman reflects both his impact on the business and his ability to lead with clarity and purpose,” stated Daniel Penn, Managing Director at MidOcean Partners. “His focus on execution, team alignment, and customer value continues to position Cloyes for long-term success.” Hanighen's leadership has been widely recognized, culminating in his recent nomination as a finalist for the Ernst & Young Entrepreneur Of The Year® 2025 Southwest Award, celebrating his vision and impact.

MidOcean's Strategic Bet on the Aftermarket

The decision to elevate Hanighen is deeply rooted in MidOcean Partners' broader strategy within the automotive aftermarket. The New York-based private equity firm acquired Cloyes in February 2022, adding it to a growing portfolio of automotive service companies that includes FullSpeed Automotive and Holley Inc. This pattern of investment underscores a calculated bet on the resilience and growth potential of the aftermarket sector.

The industry is buoyed by powerful tailwinds, including an aging global vehicle fleet. With the average age of cars on the road steadily increasing, the demand for replacement parts and repairs is at an all-time high. The global automotive aftermarket, valued at over $443 billion in 2025, is projected to exceed $604 billion by 2034. Furthermore, consumer behavior is shifting. Facing rising costs, a majority of vehicle owners now prefer independent aftermarket parts over more expensive original equipment (OE) components, a trend that directly benefits established suppliers like Cloyes. MidOcean's move reinforces its belief that strong, unified leadership is essential to capitalize on these favorable market dynamics.

Fueling Dominance Through Strategic Acquisitions

The confidence placed in Hanighen is backed by a tangible track record of growth, most notably through a series of strategic acquisitions that have reshaped the company's market footprint. Since he took the helm, Cloyes has moved aggressively to broaden its product portfolio and expand its reach.

In October 2023, the company acquired Rotomaster, a global specialist in turbochargers and related components. This move was not merely an addition but a strategic pivot, expanding Cloyes beyond its traditional timing system focus and significantly increasing its vehicle-in-operation (VIO) coverage to over 75% of the addressable market.

Just months later, in February 2024, Cloyes acquired Automotive Tensioners Incorporated (ATI), a leading supplier of front-end accessory drive pulleys and tensioners. This acquisition solidified the company's offering for repair shops, creating a more comprehensive and cohesive solution for engine front-end service. These calculated expansions demonstrate a clear strategy to become a one-stop-shop for mission-critical engine components, strengthening its claim as a market leader.

From Boardroom to Bay: Impact on Quality and Technicians

While these strategic moves resonate in the boardroom, their true impact is felt in the service bay. Cloyes has built its 100-year legacy on being the "North American leader" in timing systems, a claim it substantiates with a vast catalog of over 2,700 SKUs and an industry-leading order fill-rate exceeding 97.5%. Hanighen's leadership has reinforced this core commitment to quality and service.

The company's focus remains squarely on delivering OE-quality solutions that technicians can trust. This commitment extends beyond the parts themselves. Recognizing that modern vehicles are increasingly complex, Cloyes has invested heavily in technical support and training. Its popular live webinars and an extensive YouTube training library, which has garnered over 8 million views, provide technicians with the critical knowledge needed to perform complex repairs correctly. By ensuring its leadership is stable and its strategy is clear, Cloyes signals to its vast customer base—from wholesale distributors to independent technicians—that its focus on reliability, innovation, and support will remain unwavering as the automotive landscape continues to evolve.