Kinderhook Acquires Superwinch
March 25, 2015
New York, NY - Kinderhook Industries, LLC (“Kinderhook”) announced today the acquisition of Superwinch Holding LLC (“Superwinch” or the “Company”) from Islington Capital Partners. Superwinch is the second platform investment in Kinderhook Capital Fund IV, a private equity fund raised in 2014 with $500 million of committed capital. The transaction represents Kinderhook’s 7th automotive aftermarket platform investment and 14th transaction in the automotive aftermarket sector. Financial terms of the transaction were not disclosed.
Headquartered in Dayville, CT, Superwinch is the largest privately held designer, manufacturer and marketer of winch systems and accessories in the world. The Company produces a large variety of winch products including electric winches, power drives, hydraulic winches, accessories, parts and hubs that are sold to both the consumer and industrial end-markets. The Company’s winches have an outstanding reputation in the marketplace for their superior design, reliability and value proposition and have established a loyal following among off-road enthusiasts and industrial OEMs alike.
As part of Kinderhook’s acquisition of Superwinch, industry veteran David Burns will assume the role of Chief Executive Officer concurrent with the closing. “Superwinch has developed into one of the leading brands in the winch industry and I’m thrilled to have the opportunity to leverage my 10+ years of aftermarket experience at Warn Industries to lead the Company in its next phase of consumer driven growth. With Kinderhook as our new partner, we will continue to invest in research and development and launch new and innovative products like the Talon series of winches. The Talon series are the most advanced off-road winches ever developed for the Jeep/Truck market and the type of product set the market has come to expect from Superwinch.”
Tom Tuttle, Managing Director at Kinderhook, stated, “We are excited to partner with David and his management team in executing our global growth plans for Superwinch through both organic and acquisition led growth. David brings over 20+ years of industry experience, unprecedented leadership and relationships. We are thrilled to partner with him and the high caliber team he has assembled to lead the Company.”
“The acquisition of Superwinch aligns perfectly with Kinderhook’s investment strategy of partnering with world-class management teams to acquire companies who are leaders in their respective niches,” said Paul Cifelli, Managing Director at Kinderhook. “Kinderhook has developed an expertise in the automotive aftermarket and we are excited about the opportunity to work with Mr. Burns and his team to support his vision for growth at a market leader like Superwinch. Kinderhook’s proven “buy-and-build” strategy will accelerate the Company’s growth and allow us to build the largest and most diverse supplier of winches to both the consumer and industrial markets.”
Kirkland & Ellis LLP served as legal counsel to Kinderhook. Financing for the transaction was provided by TCF Capital Funding.
About Kinderhook Industries
Founded in 2003, Kinderhook Industries is a private equity firm with over $1.25 billion 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 $25-$150 million in which the firm believes it 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: www.kinderhook.com.
Headquartered in Dayville, CT, Superwinch is the largest privately held winch manufacturer in the world. The Company markets to both consumer and industrial customers through a diverse array of product offerings that include electric winches, hydraulic winches, power drives, accessories, parts and hubs. Its products are primarily sold under the well-recognized Superwinch brand name and through select private-label and co-branding relationships. The Company’s winches have an outstanding reputation in the marketplace for their superior design, reliability and value proposition and have established a loyal following among off-road enthusiasts and industrial OEMs alike. For more information please visit: www.superwinch.com