Kinderhook’s Tectum Holdings acquires Applied Products

Tectum Holdings, a portfolio company of Kinderhook Industries, has acquired Applied Products. Financial terms of the transaction were not disclosed.


Tectum Holdings, Inc. (“THI” or the “Company”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of Applied Products, Inc. (d/b/a “Retrax”). Retrax represents the sixth acquisition by Kinderhook on the THI platform and the 21st light manufacturing transaction completed by Kinderhook. Financial terms of the transaction were not disclosed.

Headquartered in Ann Arbor, Michigan, THI is a premier manufacturer of tonneau covers, bed liners and related truck accessories. Through the Company’s Extang, TruXedo, BedRug, UnderCover, Advantage and, as of today, Retrax brands, THI has become a leader in the U.S. light duty truck aftermarket; known for the quality and breadth of its product line, engineering excellence and innovative new product development.

Located in Grand Forks, North Dakota, Retrax is a leading manufacturer of retractable, low-profile truck bed covers featuring polycarbonate or aluminum covers, which retract on ball-bearing rollers into a storage canister and can be locked in any position.

Bill Reminder, CEO of THI, stated, “We are very proud to have Retrax join the THI family. Retrax has a reputation for high quality products and their cutting edge design of retractable covers has changed the tonneau industry. Retrax will complement our product portfolio and deliver significant value to our customers. We feel extremely fortunate to welcome Retrax to the THI team.”

Scott Fuller, who will continue in his role as General Manager of Retrax, commented that, “The entire Retrax team is excited to join forces with THI. We have always admired THI and its reputation in the marketplace for quality and innovation. The opportunity to partner with THI will accelerate our growth and new product development initiatives as well as expand our distribution network. We are honored to be a part of THI’s family of industry leading brands and believe it is a perfect fit for Retrax and its employees.”

“Retrax provides THI with a footprint in the retractable tonneau market,” stated Paul Cifelli, Managing Director at Kinderhook. “Retrax’s explosive growth, brand recognition, innovative design and unmatched quality in the retractable cover market are a perfect complement and expansion of THI’s comprehensive line-up of tonneau covers. Further, THI’s leading national distribution network will accelerate Retrax’s growth initiatives as well as enhance Retrax’s brand awareness.”

Tom Tuttle, Managing Director at Kinderhook, said, “THI’s acquisition of Retrax is another important step in THI’s long-term growth strategy. Kinderhook and THI have employed an aggressive organic and acquisition led growth strategy and the acquisition of Retrax represents the sixth acquisition on the THI platform. The acquisition of Retrax positions both businesses for continued growth and success.”

Financing for the transaction was provided by Madison Capital Funding. Kirkland & Ellis served as legal counsel to Kinderhook and THI. Capstone Financial Group served as an M&A advisor to THI.

About Kinderhook Industries, LLC

Founded in 2003, Kinderhook Industries is a private equity firm with $770 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies with transaction values of $10-$75 million in which the firm can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook Industries has a history of successfully building privately held firms in partnership with management. For more information please visit:

About THI

THI is the holding company for Extang (, TruXedo (, UnderCover ( and Advantage Truck Accessories ( – leading manufacturers of tonneau covers for light duty trucks, and BedRug ( – a pioneer in the development of bed liners.

About Retrax

Retrax is a Grand Forks, ND based manufacturer of innovative retractable low profile tonneau covers for light duty trucks. Founded in 1996, Retrax has established a new standard in retractable tonneau cover design. Their sealed ball-bearing rollers mounted into aluminum support beams revolutionized the operation of retractable covers.

For additional information about this transaction, please contact:
Tom Tuttle Paul Cifelli
Managing Director Managing Director
+1 (212) 201-6781 +1 (212) 201-6797