February 22, 2007
AUTOMOTIVE SPECIALTY ACCESSORIES & PARTS (Chicago) -- Love Goel was
named chairman of this auto-parts retailer. Mr. Goel, 35 years old, succeeds William
B.R. Hobbs, 57, who will remain a director. Mr. Goel has been a director since
November. He continues as chairman and CEO of Growth Ventures Group. The
board stands at five.
* * *
AUTOMOTIVE SPECIALTY ACCESSORIES & PARTS (Chicago) -- Love Goel was
named chairman of this auto-parts retailer. Mr. Goel, 35 years old, succeeds William
B.R. Hobbs, 57, who will remain a director. Mr. Goel has been a director since
November. He continues as chairman and CEO of Growth Ventures Group. The
board stands at five.
* * *
©2004-2010 GVG Capital Group, Inc. All rights reserved.
Full Story As It Appeared in The Greensheet published by Automotive Week
Chicago-based J.C. Whitney and its parent company, Automotive Specialty
Accessories & Parts (ASAP), expect to chart a more aggressive course in 2007. That
means both organic growth and acquisitions. To help capitalize on these growth
opportunities, a new chairman has been installed: Love Goel, who is known for his
expertise in the direct marketing and Internet channels.
Goel is the ex-chief operating officer of the catalog retailer Fingerhut and the former
head of Federated Department Stores’ e-commerce operations. He also has been an
advisor to variety of companies, including Sears, Volvo and BMW. This has exposed
him to the automotive industry in general and the auto parts and accessories
business itself.
This follows a year when J.C. Whitney focused on catalog circulation and improving
its online shopping experience. “We also restructured the company and hired
experienced industry professionals in our marketing and merchandising
departments — key areas which drive our business,” said Larry Marmon, president.
“We expect 2007 to be a record-breaking year for us, as we reap the benefit from the
significant number of enhancements we made to our business in 2006.”
ASAP is owned by the Riverside Company, a private equity group. Riverside started by
acquiring J.C. Whitney, billed as the largest direct marketer of “everything automotive,”
nearly five years ago. Its goal for J.C. Whitney, like most of its platform companies,
was to increase sales and make it more sophisticated in its operations, facilities and
approach to going to market.
Kristin Newhall, a principal with the Riverside Company, said a key part of this growth
strategy is in identifying the right companies to buy that complement the parent. “We
certainly got that with Stylin’ Concepts, which, under John Milos, had seen terrific
growth in a key category of car enthusiasts,” Newhall said.
Under the ASAP name, J.C. Whitney and Stylin’ Concepts are complementary
siblings. They are two different brands that appeal to different customer segments
within the larger automotive enthusiast category. J.C. Whitney appeals to general car
enthusiasts, while Stylin’ Concepts appeals to sport truck and SUV enthusiasts. Both
companies do business online, by catalog and operate a retail store.
Goel said this multi-channel platform is the key to ASAP’s success. “It is the reason
why we are the only auto parts retailer in both the Top 100 catalog and Top 100
Internet retailers,” he explained. “Our channels help us serve our customers in two
powerful ways:
The largest selection of auto parts in one place (about 10 times the number of
products they can find at any auto parts chain store), and lower prices as our multi-
channel platform enables lower operating costs.”
Newhall said J.C. Whitney and Stylin’ Concepts are both stronger for the combination.
“They bring complementary organizational strengths and skills among the senior
managers that benefit ASAP as a whole. Together, the teams can review or generate
ideas from different perspectives, and that creates a freshness that contributes to
both brands,” she explained. “Each has its own approach to the sales channel that
brings new ideas to the other. Stylin’ Concepts is stronger in space advertisements
and a targeted customer approach (due to its true enthusiast customer base), and J.
C. Whitney has extensive experience in the generalist category: website expertise and
catalog production. … That said, we’re always looking for other good complementary
companies to add to ASAP.”
Goel added that ASAP is looking at both organic growth and acquisitions. “We are
looking for complementary catalog and internet retailers with powerful brands and
strong customer lists,” he said.
Chicago-based J.C. Whitney and its parent company, Automotive Specialty
Accessories & Parts (ASAP), expect to chart a more aggressive course in 2007. That
means both organic growth and acquisitions. To help capitalize on these growth
opportunities, a new chairman has been installed: Love Goel, who is known for his
expertise in the direct marketing and Internet channels.
Goel is the ex-chief operating officer of the catalog retailer Fingerhut and the former
head of Federated Department Stores’ e-commerce operations. He also has been an
advisor to variety of companies, including Sears, Volvo and BMW. This has exposed
him to the automotive industry in general and the auto parts and accessories
business itself.
This follows a year when J.C. Whitney focused on catalog circulation and improving
its online shopping experience. “We also restructured the company and hired
experienced industry professionals in our marketing and merchandising
departments — key areas which drive our business,” said Larry Marmon, president.
“We expect 2007 to be a record-breaking year for us, as we reap the benefit from the
significant number of enhancements we made to our business in 2006.”
ASAP is owned by the Riverside Company, a private equity group. Riverside started by
acquiring J.C. Whitney, billed as the largest direct marketer of “everything automotive,”
nearly five years ago. Its goal for J.C. Whitney, like most of its platform companies,
was to increase sales and make it more sophisticated in its operations, facilities and
approach to going to market.
Kristin Newhall, a principal with the Riverside Company, said a key part of this growth
strategy is in identifying the right companies to buy that complement the parent. “We
certainly got that with Stylin’ Concepts, which, under John Milos, had seen terrific
growth in a key category of car enthusiasts,” Newhall said.
Under the ASAP name, J.C. Whitney and Stylin’ Concepts are complementary
siblings. They are two different brands that appeal to different customer segments
within the larger automotive enthusiast category. J.C. Whitney appeals to general car
enthusiasts, while Stylin’ Concepts appeals to sport truck and SUV enthusiasts. Both
companies do business online, by catalog and operate a retail store.
Goel said this multi-channel platform is the key to ASAP’s success. “It is the reason
why we are the only auto parts retailer in both the Top 100 catalog and Top 100
Internet retailers,” he explained. “Our channels help us serve our customers in two
powerful ways:
The largest selection of auto parts in one place (about 10 times the number of
products they can find at any auto parts chain store), and lower prices as our multi-
channel platform enables lower operating costs.”
Newhall said J.C. Whitney and Stylin’ Concepts are both stronger for the combination.
“They bring complementary organizational strengths and skills among the senior
managers that benefit ASAP as a whole. Together, the teams can review or generate
ideas from different perspectives, and that creates a freshness that contributes to
both brands,” she explained. “Each has its own approach to the sales channel that
brings new ideas to the other. Stylin’ Concepts is stronger in space advertisements
and a targeted customer approach (due to its true enthusiast customer base), and J.
C. Whitney has extensive experience in the generalist category: website expertise and
catalog production. … That said, we’re always looking for other good complementary
companies to add to ASAP.”
Goel added that ASAP is looking at both organic growth and acquisitions. “We are
looking for complementary catalog and internet retailers with powerful brands and
strong customer lists,” he said.
By Jim Tierney
Multichannel Merchant
February 7, 2007
Multichannel Merchant
February 7, 2007
Automotive Specialty Accessories and Parts (ASAP), the parent company of catalogers J.C. Whitney & Co. and
Stylin' Concepts, plans to make some significant changes in the coming year. This week it announced one of
them: a new chairman of the board of directors.
Love Goel, chairman/CEO of Minnetonka, MN-based investment firm Growth Ventures Group, is now chair of
ASAP. He replaces William B.R. Hobbs, who will remain a board member.
Goel is a former chief operating officer for Federated Department Stores and general merchandise cataloger
Fingerhut. "I'm very excited," Goel tells MULTICHANNEL MERCHANT (for which he contributes a quarterly
column). "J.C. Whitney is the oldest and largest cataloger in this space," he said. "And it is the largest Internet
retailer in this space now. More and more of these sales are shifting to the Web, and we're in position to
capitalize on this. This is a great opportunity, and as a board, we're very excited."
Founded in 1915, Chicago-based J.C. Whitney sells aftermarket auto parts and accessories through multiple
catalogs, a Website, and a store in LaSalle, IL. Independence, OH-based Stylin' Concepts sells accessories
for light-duty trucks, SUVs, minivans, and sport compact autos through catalogs, a Website, and a store in
Independence. ASAP mailed 30 million catalogs in 2006, and attracted more than 35 million visitors to its
Websites, Goel says. New York-based private equity firm The Riverside Co. owns ASAP.
Terming his appointment as board chairman a "natural evolution of where we are as a company," Goel adds
that "2006 was a very solid year for us." He attributes the ASAP's strong show to a focused catalog circulation
initiative and acceleration of the Internet channel.
Goel will work with J.C. Whitney president Lawrence Marmon and Stylin' Concepts president John Milos on
the year's initiatives, which will include a couple of new catalogs, including one specializing in RV parts and
equipment; at least one new Website and one remodeled site; and a direct response television show.
"The company is now poised for significant growth organically through new books and potentially acquiring
other companies,' Goel says. "We're at the natural inflection point of the business where a different set of
eyes is part of the natural evolution of the business."
Stylin' Concepts, plans to make some significant changes in the coming year. This week it announced one of
them: a new chairman of the board of directors.
Love Goel, chairman/CEO of Minnetonka, MN-based investment firm Growth Ventures Group, is now chair of
ASAP. He replaces William B.R. Hobbs, who will remain a board member.
Goel is a former chief operating officer for Federated Department Stores and general merchandise cataloger
Fingerhut. "I'm very excited," Goel tells MULTICHANNEL MERCHANT (for which he contributes a quarterly
column). "J.C. Whitney is the oldest and largest cataloger in this space," he said. "And it is the largest Internet
retailer in this space now. More and more of these sales are shifting to the Web, and we're in position to
capitalize on this. This is a great opportunity, and as a board, we're very excited."
Founded in 1915, Chicago-based J.C. Whitney sells aftermarket auto parts and accessories through multiple
catalogs, a Website, and a store in LaSalle, IL. Independence, OH-based Stylin' Concepts sells accessories
for light-duty trucks, SUVs, minivans, and sport compact autos through catalogs, a Website, and a store in
Independence. ASAP mailed 30 million catalogs in 2006, and attracted more than 35 million visitors to its
Websites, Goel says. New York-based private equity firm The Riverside Co. owns ASAP.
Terming his appointment as board chairman a "natural evolution of where we are as a company," Goel adds
that "2006 was a very solid year for us." He attributes the ASAP's strong show to a focused catalog circulation
initiative and acceleration of the Internet channel.
Goel will work with J.C. Whitney president Lawrence Marmon and Stylin' Concepts president John Milos on
the year's initiatives, which will include a couple of new catalogs, including one specializing in RV parts and
equipment; at least one new Website and one remodeled site; and a direct response television show.
"The company is now poised for significant growth organically through new books and potentially acquiring
other companies,' Goel says. "We're at the natural inflection point of the business where a different set of
eyes is part of the natural evolution of the business."