Kinderhook Industries-backed Vehicle Accessories Inc. added-on Remington Global, which provides floor protection products to automotive original equipment manufacturers. The deal is Vehicle Accessories’ sixth add-on for Vehicle Accessories since its acquisition by Kinderhook.
Vehicle Accessories, Inc. (“VAI”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of Remington Global, Inc. (“Remington” or the “Company”). Remington is a leading provider of floor protection products to automotive original equipment manufacturers (“OEMs”). The acquisition represents the sixth add-on acquisition for VAI and Kinderhook’s 134th automotive-related transaction. Financial terms of the transaction were not disclosed.
Remington has a proven business model differentiated by superior floor mat quality, long-term manufacturing partnerships, and strong OEM customer relationships. Remington has demonstrated the ability to deliver strong growth by consistently developing innovative product offerings. The Company will look to build upon VAI’s, and specifically Hope Valley’s, penetration of the floor mat market which historically ranks either first or second in vehicle accessory purchases by volume in every region of the United States.
“Remington Global is a strategic acquisition for Vehicle Accessories. The team looks forward to further diversifying VAI’s revenue streams across both product categories and OEMs, incorporating cross-selling opportunities, and leveraging the strong OEM relationships that Remington Global has built,” said Tom Tuttle, Managing Director of Kinderhook Industries.
“VAI is eager to officially welcome Remington to the VAI family. Since inception, Remington Global has provided world-class floor protection products and built strong, long-lasting relationships with the top OEM customers. VAI is thrilled about this acquisition and looks forward to Remington’s future success,” said J Pearson, VAI CEO.
Akin Gump Strauss Hauer & Feld LLP and Kirkland & Ellis LLP served as legal counsel to VAI. Financing for the transaction was provided by Twin Brook Capital Partners, LLC, Kayne Anderson Capital Advisors, L.P., and Alliance Partners LLC.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over $4.5 billion of committed capital. We have made in excess of 300 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.
For more information, please visit https://www.kinderhook.com
About Vehicle Accessories
Vehicle Accessories, Inc. is an integrated manufacturer of protective door edge guards, all-weather floor mats, splash guards, body side moldings, bumper protectors, and door sills for the automotive industry. With locations in Sunnyvale, TX, Buffalo, NY, Toronto, Ontario, and Magog, Quebec, the Company has developed proprietary and patented manufacturing processes including specialized form rolling, stamping, bending, profile extrusions, and injection molding. VAI sells to leading automotive OEMs including Toyota, Lexus, Ford, Subaru, Nissan, Infiniti, Honda, General Motors, and Chrysler. Its products are installed post-production and are typically sold to end consumers as part of upgraded protection packages.
For more information, please visit https://vehicleaccessorygroup.com/
About Remington Global
Headquartered in Ooltewah, Tennessee, Remington Global has over 30 years of manufacturing, distribution and design experience in the floor protection category for transnational automotive manufacturers and distributors. With a focus on adapting to the dynamic customer requirements in the industry, Remington has delivered solutions that bring both innovation and function to the automotive category.
For more information, please visit https://www.remingtonglobalinc.com/