February 23, 2021
New York, NY – Repairify, Inc. d/b/a asTech (“asTech”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today a strategic investment from 3M Company (NYSE: MMM). The strategic investment from 3M will help asTech further expand and accelerate its proprietary tools, technology, and service offerings across the Americas and Europe. Financial terms of the transaction were not disclosed.
“The 3M strategic investment in Repairify enables us to accelerate our solutions and offerings across the entire automotive ecosystem,” stated Cris Hollingsworth, President of Repairify, Inc. regarding the investment.
“We seek to make strategic investments that will advance our innovation and growth,” said Ben Wright, Director, 3M Ventures. “We are moving rapidly to an even more digital-first world, and we see those shifts in the automotive aftermarket. This investment signifies our continued commitment to advance the digitization of 3M as well as of the customers we serve.”
“Kinderhook is ecstatic to welcome 3M as a strategic investment partner in asTech. 3M is a respected brand with deep commercial expertise and global customer networks. The asTech team is eager to leverage the relationships and commercial reach of our new partner as we continue to expand asTech’s service offering and global multi-tier tool strategy in order to better serve the entire automotive repair ecosystem across a broad set of geographies,” said Paul Cifelli, Managing Director of Kinderhook.
Kirkland & Ellis LLP served as legal counsel to asTech.
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