All States Ag Parts Completes Acquisition of Trojan Tracks
January 18, 2023
Hudson, WI – All States Ag Parts, LLC (“All States Ag Parts” or “ASAP”), the leading North American supplier of replacement agricultural and heavy equipment parts, announced the acquisition of Trojan Tracks (“Trojan” or the “Company”). Founded in 2010, Trojan is a leading supplier of rubber tracks, skid steer tires, and undercarriage parts for heavy industrial equipment including compact track loaders, mini excavators, directional drills, and crawler dumpers. Trojan has nine locations with operations in both the U.S. and Canada. Trojan is ASAP’s sixteenth add-on acquisition since partnering with Kinderhook in 2018.
The acquisition will further strengthen ASAP’s position as the market leader of aftermarket rubber tracks and undercarriage parts for heavy construction equipment. Key members of Trojan’s management team will remain with the business post-close, including Trojan Co-Founder Derek Charles. With the addition of Trojan, ASAP now operates 51 locations across North America.
“The acquisition of Trojan expands ASAP’s presence in the rubber track industry and will give us even more capacity to supply tracks for additional types of equipment. Trojan’s distribution network furthers our goal of minimizing our customer’s machinery downtime by providing one-day delivery for replacement tracks and undercarriage parts,” said Bill Davidson, President of ASAP.
Paul Cifelli, Managing Director at Kinderhook, stated, “We feel that Trojan’s deep industry knowledge and similar track record of quality customer service will fit in seamlessly with ASAP’s core model and will be highly accretive to ASAP’s network of businesses.”
Kirkland & Ellis LLP served as legal counsel to ASAP. Financing for the transaction was provided by a lending syndicate including Maranon Capital, Fidelity, Ares Management, Madison Capital Funding, Union Bank, and SLR Capital Partners.
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