April 5, 2021
New York, NY – Automotive Keys Group, LLC (“AKG”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition, in partnership with Management, of International Key Supply, LLC (“IKS” or the “Company”). Based in Farmingdale, NY, IKS is a specialized provider of automotive keys & remotes, programming tools, key machines, and related accessories. Financial terms of the transaction were not disclosed.
Founded in 2012, International Key Supply serves over 5,000 unique customers consisting of locksmiths, wholesale distributors, and online shoppers. The Company has a leading presence in multiple ecommerce channels, selling through brands including Keyless2Go and Durashell. IKS also offers complementary services such as expert tech support, and tutorial webinars. IKS Founder and President, Sean McAuliffe, will join the AKG leadership team and continue to lead IKS operations going forward.
Sean McAuliffe, Founder and President of IKS, said, “Joining the AKG platform will allow us to broaden our distribution footprint and facilitate our fulfillment processes as we continue to offer unique distribution solutions to our customers. We are excited to grow with the AKG platform in partnership with Kinderhook.”
“IKS has quickly established itself as a leader in supplying automotive remotes, and we will greatly benefit from welcoming Sean McAuliffe and his team to AKG,” said Ayal Sharvit, CEO at AKG. “We look forward to working with them to enhance the IKS business with our industry leading procurement, inventory management, and customer service.”
“Growth in the new aftermarket products channel has been a strategic focus for AKG, and IKS is an excellent fit to complement the expanding AKG platform” said Paul Cifelli, Managing Director at Kinderhook. “IKS is a prime example of a unique, founder-owned business which Kinderhook and our Operating Partners will help to achieve the next phase of growth.”
Kirkland & Ellis LLP served as legal counsel to AKG, and Conlin & Co. served as financial advisor to AKG in connection with the transaction. Financing for the transaction was provided by a syndicate led by Ares and Regions Bank.