June 4, 2020
New York, NY – Kinderhook Industries, LLC (“Kinderhook”) announced today the acquisition of The Original One Auto Parts LLC (“Original One Parts” or the “Company”). Financial terms of the transaction were not disclosed. The Company represents Kinderhook’s 86th acquisition in the automotive aftermarket.
Headquartered in Dallas, TX, Original One Parts is a leading provider of recycled and refinished certified original equipment manufacturer (OEM) auto parts for use in both collision and mechanical repairs. It serves independent collision repair shops, dealership service centers, multi-shop locations (MSOs) and other customers.
The Company employs its proprietary VINtegrity™ Certification Process, a rigorous six-step inspection and certification process to ensure all parts meet the exact fit, form and function as a new OEM part. Original One Parts provides repairers with an efficient solution for meeting OEM repair procedures with cost-effective refinished replacements parts.
Original One Parts’ management team will be led by industry veterans Wade Hilburn and Jerry Sullivan. Mr. Hilburn, who co-founded Original One Parts in 2016 after 20 years in leadership roles at AER, a leading engine remanufacturer, will serve as CEO. Mr. Sullivan, a Co-Founder of QCSA Holdings, a national chain of salvage auctions and former Kinderhook portfolio company that was sold to Copart (NASDAQ: CPRT) in 2014, will serve as Executive Chairman. Messrs. Hilburn and Sullivan together have over 60 years of automotive remanufacturing, reconditioning and insurance claims experience.
“Partnering with Kinderhook and their extensive experience and network of relationships in the automotive aftermarket will allow us to fulfill our vision for Original One Parts,” said Hilburn. “Through this partnership, we will consistently deliver the highest quality certified re-conditioned OEM parts with a convenient electronic buying experience at an incredible value.”
“This partnership will also provide Original One Parts with the access to capital and the resources required to offer an even broader range of high-quality recycled parts to automotive repair facilities throughout the United States. Going forward, we are positioned to efficiently and effectively support the ongoing efforts of the automotive repair industry, both collision and mechanical, as it strives to mitigate the increasing cost of repairs driven by the on-going sophistication of high-tech vehicles on the road today,” added Sullivan.
“We have followed Original One Parts’ story since its inception and are thrilled to have the opportunity to partner with Wade and Jerry as the Company embarks on its next stage of growth. Original One Parts has developed an innovative business model, with a proven track record of success, that has the potential to significantly “bend the cost curve” of vehicle repair in the US,” said Paul Cifelli, Managing Director at Kinderhook. “We are excited to add Original One to the Kinderhook portfolio and look forward to building the business in partnership with management.”
Kirkland & Ellis LP served as legal counsel to Kinderhook.