Kinderhook Industries LLC said March 19 that it acquired Adell Corp. Financial terms weren’t announced. Adell, of Sunnyvale, Texas, makes protective door edge guards as genuine original equipment to the automotive OEMs.
PRESS RELEASE
Kinderhook Acquires Adell Corporation
March 19, 2019
New York, NY – Kinderhook Industries, LLC (“Kinderhook”) announced today its purchase of Adell Corporation (“Adell” or the “Company”). Adell will serve as a platform for a buy-and-build strategy focused on genuine original equipment manufacturer (OEM) parts and accessories as well as parts that are sold to the aftermarket divisions of automotive OEMs. These parts are often installed for consumers at either a port facility or a dealership. This transaction represents Kinderhook’s 17th automotive platform investment and 70th automotive acquisition including follow-ons.
| Founded in 1952 and headquartered in Sunnyvale, Texas, Adell is an integrated manufacturer of protective door edge guards as genuine original equipment to the automotive OEMs. Door edge guards protect a vehicle’s door and paint finish from abrasions and dents that occur with everyday use. The Company provides a full suite of production capabilities, including engineering, tooling, extruding, injection molding, metal fabricating, painting, and packaging. Adell’s proprietary door edge guards are installed on some of the most popular vehicle platforms in the United States.
J Pearson, Kinderhook Operating Partner, will be joining Adell as Chief Executive Officer. Mr. Pearson has 29 years of experience in the automotive sector and has been a Kinderhook Operating Partner since 2006. Adell represents Mr. Pearson’s fourth Kinderhook portfolio company partnership. “I am thrilled to work with Kinderhook once again and to lead Adell into its next phase of growth as we build a platform of leading value-added automotive OEM accessories,” said Mr. Pearson.
“We feel very proud of the business our family has built over the past 60+ years, and we look forward to J and Kinderhook’s assistance in growing Adell. The Adell family is excited for the opportunity to continue to work with the business and deliver the high level of quality and customer satisfaction that we are known for,” commented Michael Adell, who will remain with the Company as President.
“We are thrilled to add Adell to our automotive franchise,” said Tom Tuttle, Managing Director at Kinderhook. “Adell is the leader in its space with a reputation for quality, innovation, and customer service. We look forward to growing Adell both organically and through acquisitions of other innovative brands serving the automotive OEMs.”
Kirkland & Ellis LLP served as legal counsel to Kinderhook. |
| About Kinderhook Industries Kinderhook Industries, LLC is a private investment firm that manages over $3.0 billion of committed capital. We have made in excess of 200 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 automotive / light manufacturing, healthcare services, and environmental / business services sectors. We have a track record of successfully and consistently building industry leaders.
For more information, please visit: www.kinderhook.com
About Adell Corporation
Founded in 1952 and headquartered in Sunnyvale, Texas, Adell is an integrated manufacturer of protective door edge guards as genuine original equipment to the automotive OEMs. Door edge guards protect a vehicle’s door and paint finish from abrasions and dents that occur with everyday use. The Company provides a full suite of production capabilities, including engineering, tooling, extruding, injection molding, metal fabricating, painting, and packaging. Adell’s proprietary door edge guards are installed on some of the most popular vehicle platforms in the United States.
|
Source: https://www.pehub.com/2019/03/kinderhook-buys-adell-corp/
Powered by WPeMatico
Comments are closed.