Kinderhook’s THI acquires BAK

Tectum Holdings (THI), a portfolio company of Kinderhook Industries has acquired Laurmark Enterprises (BAK). Concurrent with the acquisition of BAK, THI executed a dividend to its shareholders, which has resulted in a return of cash in excess of 7 times Kinderhook’s initial investment. Financial terms of the overall transaction were not disclosed.


Tectum Holdings, Inc. (“THI”), a portfolio company of Kinderhook Industries LLC (“Kinderhook”), announced today the acquisition of Laurmark Enterprises, Inc. (d/b/a “BAK Industries” or “BAK”). BAK is the seventh acquisition by Kinderhook on the THI platform and Kinderhook’s 13th transaction in the automotive aftermarket. Concurrent with the acquisition of BAK, THI executed a dividend to its shareholders, which, in conjunction with prior dividends, has resulted in a return of cash in excess of 7.0 times Kinderhook’s initial investment. Financial terms of the overall transaction were not disclosed.
Headquartered in Ann Arbor, MI, THI is the premier manufacturer of tonneau covers, bed liners and related truck accessories. As the leader in the U.S. light duty truck aftermarket, THI is known for the quality and breadth of its product line, engineering excellence and innovative new product development. THI’s market leading family of brands include Extang, TruXedo, BedRug,UnderCover, Advantage, Retrax and, as of today, BAK.

Based in San Fernando, CA, BAK Industries is the leading manufacturer of hard composite folding tonneaus in the world. Founded by the Maimin family in 1998, BAK has also grown to become a premier innovator of roll up and retractable tonneau covers.

Bill Reminder, Chief Executive Officer of THI, stated, “We are thrilled to welcome BAK into the THI family. The BAK team has done an outstanding job of introducing revolutionary products to the truck aftermarket which is highlighted by BAK’s highly successful BAKFlip tonneau. BAK’s product line-up is an excellent addition to THI’s extensive product portfolio and BAK’s online marketing expertise will be highly complementary to THI’s current distribution and marketing initiatives.”

“Kinderhook is extremely excited to join BAK and THI,” said Tom Tuttle, Managing Director at Kinderhook Industries. “The Maimin’s have built a great business through innovative product development and supplying customers with tonneau covers of the highest function and quality. The acquisition of BAK adds another premium brand name to THI and will further enhance THI’s ability to service its customers by continuing to offer innovative and high quality product solutions.”

THI’s Chief Operating Officer, Kelly Kneifl added, “BAK has been instrumental in the innovation and growth of the hard-folding tonneau category over the past 5 years. BAK’s line of products have become synonymous with quality and durability while at the same time maintaining a sleek and sophisticated look.”

“THI is another example of Kinderhook’s successful execution of its buy and build strategy,” commented Paul Cifelli, Managing Director at Kinderhook Industries. “The acquisition of BAK into the THI platform further validates Kinderhook’s ability to build market leading companies in industry niches in partnership with world class management teams.”

Financing for the transaction was provided by Madison Capital Funding who served as the Sole Lead Arranger and Sole Bookrunner. Kirkland & Ellis served as legal counsel to Kinderhook and THI. Michelman & Robinson, LLP served as legal counsel to BAK.

About Kinderhook Industries, LLC

Founded in 2003, Kinderhook 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 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 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 (, Advantage Truck Accessories (, and Retrax ( – leading manufacturers of tonneau covers for light duty trucks, and BedRug ( – a pioneer in the development of bed liners.

About BAK

BAK Industries is a San Fernando, CA based manufacturer of hard composite folding, rollup and retractable tonneau covers. Founded in 1998 as a plastics manufacturer of bed liners and caps, they entered the tonneau market in the early 2000’s with their first tonneau, a manually operated retractable cover – quickly expanding into a number of other styles including a quad-folding and aluminum slat roll-up.