BDO Capital Advises on Sale of Teslaccessories, LLC d/b/a EVANNEX

Boston, MA – December 3, 2021 – BDO Capital Advisors, LLC (BDO Capital) is pleased to announce the sale of Teslaccessories, LLC d/b/a EVANNEX (EVANNEX) to Enthusiast Auto Holdings, LLC (EAH), a portfolio company of Cortec Group (Cortec). BDO Capital served as exclusive financial advisor to EVANNEX on this transaction, which builds on the firm’s experience working with family-owned companies in the automotive aftermarket, e-commerce, and electric vehicle sectors. Bob Snape, President, and Eric Higgins, Director, led the engagement for BDO Capital.

EAH is a direct-to-enthusiast, digitally native platform that invests in and helps operate some of the most innovative e-commerce retailers in the performance automotive industry. Terms of the transaction were not disclosed.

EVANNEX was founded in 2012 by a team of Tesla enthusiasts and has grown into the premier website selling aftermarket accessories for Tesla vehicles and the emerging electric vehicle (EV) market. EVANNEX’s in-house design and development team, under the leadership of Matt Pressman (President) who will continue to manage the Company, has built a portfolio of world-class products that cater to the discerning EV enthusiast market. “We are excited to partner with EAH given their successful track record of working with entrepreneurs to expand their automotive e-commerce businesses,” said Mr. Pressman. “As a family business, our resources were more limited, but with EAH we anticipate rapidly broadening our product catalog and better serving our growing customer base.”

Imran Jooma, CEO of EAH, stated “EVANNEX has an outstanding reputation within the EV community, and their knowledge of Tesla accessories and the emerging EV market is unparalleled. EAH will bring expertise in digital marketing, operations, research & development, and technology to support the vision of EVANNEX’s team as they continue to grow their business.” EVANNEX is EAH’s sixth acquisition of specialty automotive aftermarket websites targeting specific enthusiast communities.  

Jonathan Stein, a Cortec Managing Partner added, “we are excited to support EAH as it continues to broaden its addressable market of vehicles served, including through its strategic entry into the expanding market for EVs.”