Pfadt has grown faster than they could handle, and and couldn't get the funding from investors who want to sell quality products. Instead, the investors were hoping to use the name and sell cheap parts. Here's what Aaron Pfadt had to say:
"It's with heavy hearts that we announce the closing of Pfadt Race Engineering. Since 2006 we have manufactured the highest quality aftermarket components for Corvette, Camaro, and Cadillac right here in Salt Lake City, Utah. Since the addition of Pfadt power products to our extensive suspension line, sales have increased exponentially, which put us into a perpetual backorder. We have spent the past 4 months meeting with investors and venture capitalists trying to secure financing to push Pfadt to the next level and unfortunately the deals to be made were not in our company's or employee's best interest. Without a large investment we do not have the resources to meet the demand, which leaves us with no other option but closing our doors.
We would like to thank all of our employees who put their hearts and minds into this business to make it what it is today. We would like to thank our dealers who expertly installed our parts and helped us build our product line with their professional insight. Finally we would like to thank you, our customers. You helped us build a grassroots performance company in the United States. You pushed us to make bolder and better products year after year. You created the Pfadt Family - and that's what we will miss the most.
We hope this is a minor speed bump on the long road ahead. Much like GM has experienced in the past, we are also experiencing a setback, but we will reorganize and resurface, faster and more streamlined than ever. We have taken care of all of our customers in this deal - you will receive a tracking number for your product or a full refund - and we are sorry for the delays, time lost and backorders many of you experienced. You were all so patient and understanding as we grew, and once again it's a tribute to how solid the GM community is. We did everything in our power to take care of you and we appreciate the years you allowed us to be a part of your journey. It's been an amazing ride.
Saw this directly on the Corvette Forum. I've always heard they made good products, so here's hoping they rebound strongly!