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All States Ag Parts Completes Acquisition of Trojan Tracks

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.

For additional information about this transaction, please contact: 
Paul Cifelli
Managing Director
(212) 201-6797
[email protected]
 
Michael Zoch
Managing Director
(212) 201-6785
[email protected]
 
Nate Druckenmiller
Vice President
(212) 201-6791
[email protected]


About Kinderhook Industries

Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over $5.4 billion of committed capital. We have made in excess of 375 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 healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.

For more information, please visit https://www.kinderhook.com


About All States Ag Parts

All States Ag Parts is a leading supplier of used, rebuilt and aftermarket parts for all makes and models of tractors, combines, other farm machinery, and construction equipment. The company is a leader in each of its segments and provides customers with a single source for repair parts, offering competitive pricing, unmatched availability, and industry-best warranties. ASAP is headquartered in Hudson, Wisconsin, and its footprint covers eighteen U.S. states in the heartland of U.S. farming, as well as five Canadian provinces.

For more information, please visit http://www.tractorpartsasap.com


About Trojan

Founded in 2010, Trojan Tracks is a leading supplier of rubber tracks, skid steer tires, and undercarriage parts for compact track loaders, mini excavators, directional drills, and crawler dumpers. Trojan is headquartered in Walnut Creek, CA and has other locations across the U.S. and Canada.

For more information, please visit https://www.trojantracks.com/

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