The following is a press release from Kinderhook Industries LLC announcing its acquisitions of Extang Corp. and TruXedo, a division of Shur-Co.
Extang Corporation of Ann Arbor, Michigan, along with TruXedo, a division of Shur-Co. based in Yankton, South Dakota, are pleased to announce that they have been acquired by Kinderhook Industries LLC, a highly respected New York based private equity firm. Kinderhook Industries completed the transactions through THI, an investment vehicle created to pursue opportunities in the truck aftermarket.
Extang and TruXedo are the two leading manufacturers of soft tonneau covers historically recognized for their high quality and innovative products. Both companies bring tremendous brand reputation and market strength to the $38 billion automotive aftermarket.
“I am very excited to be working with Bill Reminder and Kelly Kneifl as they lead the combined Extang/TruXedo organization to the next level. Kinderhook intends to support a vigorous investment program in marketing and new product development to expand the tonneau market. Additionally, we believe the consolidation of the Extang/TruXedo businesses will serve as a platform for further acquisitions in the truck aftermarket,” said Thomas Tuttle, Managing Director of Kinderhook.
As part of this merger, both companies will combine their existing management teams and lay the foundation for further expansion into the next generation of truck bed covers and other related product categories. The companies will strive to leverage their respective best practices and operational strengths, while retaining the creativity, innovation and commitment to quality that has made their products the “best in class” in the tonneau market.
“Kinderhook brings the capital, experience and resources needed to grow our two businesses and supports our continued efforts to be at the forefront of the tonneau cover market. With the capital provided by Kinderhook, we will be able to accelerate our new development initiatives to expand our product offering and selectively pursue acquisition opportunities in related accessories,” said Bill Reminder, CEO of THI.
“TruXedo and Extang are a perfect match. Combining the operational excellence and extensive product offerings of both companies will have a tremendous impact in the marketplace. This is an exciting new chapter in the history of Extang and TruXedo,” said Kelly Kneifl, COO of THI.
For additional information visit www.kinderhook.com.