Bestop, a portfolio company of Kinderhook Industries, has closed its ninth add-on acquisition with the buy of Aluminess Products.
Aluminess is a designer and manufacturer of off-road aluminum products for trucks, vans, and SUVs, including front and rear bumpers, roof racks, and other accessories. Aluminess was founded in 2001 by Dave Hoskins and is headquartered near San Diego in Santee, California.
According to Kinderhook, Bestop is the world’s largest manufacturer of soft tops and fabric accessories for Jeep and UTVs (Utility Task Vehicle or Utility Terrain Vehicle). The company has been the sole supplier of factory soft tops on all Jeep Wranglers since 1986 and is a major supplier of tonneaus, lockboxes, lighting and fabric caps to the pickup truck market. Bestop, led by CEO John Larson, was founded in 1954 and is headquartered near Denver in Louisville, Colorado.
“At Bestop, we are always looking for ways to help our customers enjoy their driving adventures,” said Mr. Larson. “From lightweight, aluminum bumpers to over-landing gear and tire racks, Aluminess makes industry-leading products that help consumers explore new and exciting places. We are excited to welcome them to our growing family.”
Two recent add-on acquisitions of Bestop include Marshall Genuine Products (MGP), a California-based maker of caliper covers (May 2021), and Precision Designs (DBA sPOD), a California-based manufacturer and distributor of power distribution and switch panel systems for off-road and utility vehicles (June 2021).
“We are excited to pair Bestop’s world-class R&D team and new digital marketplace with another premium brand. We believe this partnership will allow Aluminess to roll out innovative products to their existing customer base while also receiving the benefit of a broader distribution base,” said Tom Tuttle, a managing director at Kinderhook.
Earlier add-ons completed by Kinderhook for Bestop were the buys of Softopper, a Colorado-based manufacturer and distributor of convertible soft tops for light-duty pickup trucks and SUV’s (June 2019); Bull Accessories, a Texas-based maker of tie-down anchors and ratchet straps for light-duty pickup trucks (February 2019); Kamm Industries (DBA PRP Seats), a California-based maker of custom seats, harnesses, storage bags, and accessories for off-road vehicles (February 2018); Tuffy Security Products, a Colorado-based maker of storage products – steel consoles, drawers, glove boxes, and trunks – that are used in Jeeps, trucks, and SUVs (August 2016); Baja Designs, a California-based provider of off-road lighting products sold to the automotive aftermarket (June 2016); and Morris Motor Company, a Florida-based online retailer of automobile parts and accessories to Jeep and 4×4 enthusiasts (January 2016).
New York City-based Kinderhook has over $3.3 billion of committed capital and has closed more than 275 investments and follow-on acquisitions since its founding in 1983. Kinderhook makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. Sectors of interest include healthcare services; environmental and business services; and automotive and light manufacturing.
© 2021 Private Equity Professional | July 23, 2021
