Deal of the Year, Middle Market, 2015: Kinderhook Industries

  • Company: Tectum Holdings
  • Lenders: Madison Capital Funding, MFC Capital
  • Legal adviser: Kirkland & Ellis
  • Financial adviser: Capstone Financial
  • Kinderhook grosses 23x, 67 pct IRR on Tectum
  • Revenue grew by more than 600 pct on aggregate
  • Oversaw “lean manufacturing” initiative
  • Employee headcount grew from 190 to more than 1,000

If people can’t buy something new, they accessorize what they have.

That was the idea behind Kinderhook Industries’ investment in Tectum Holdings, a collection of brands that make pickup truck bed covers and bed liners, also known as “tonneau” covers. Kinderhook combined two companies, TruXedo and Extang, to form Tectum in ...

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