June 26, 2019

Sunnyvale, TX – Adell Group Inc. (“Adell”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisitions of Powerflow Inc., Powerflow Products Ltd., and Gestion Solutions Plastik Inc. (together, “Powerflow” or the “Company”). Powerflow is a leading provider of injection-molded plastic accessories sold to automotive vehicle manufacturers and dealers.  Powerflow represents the first add-on acquisition for Adell and Kinderhook’s 75^th automotive-related transaction.  Financial terms of the transaction were not disclosed.

Based in Buffalo, New York with offices in Toronto, Ontario and Magog, Quebec, Powerflow provides state-of-the-art manufacturing and distribution solutions for injection-molded plastic trim products sold to automotive vehicle manufacturers and dealers.  The Company’s product offerings include splash guards, body side moldings, bumper protectors, and door sills, which are sold to leading OEM customers including Toyota, Lexus, Subaru, Nissan, Infiniti, General Motors, and Chrysler. With over 50 years of operating history, Powerflow benefits from intrinsically intertwined operations and end-to-end, state-of-the-art manufacturing and distribution systems.

The combination of Powerflow and Adell unites two of the leading brands in the automotive accessories space, boasting a broad product offering for a wide variety of vehicle makes and models.

“We are excited about our partnership with Kinderhook and Adell. Powerflow intends to leverage the resources and experience of its new partners to continue providing our customers with top of the line products and service,” commented Doug Ward, Powerflow Founder and CEO.

“Powerflow represents a transformational acquisition for Adell as it expands its geographical presence, customer base, and product offerings,” said J Pearson, Adell CEO. “We look forward to working with the Powerflow team to continue building upon their strong brand name and track record.”

Tom Tuttle, Managing Director of Kinderhook Industries, stated, “We are excited to combine two leading brands with established histories of providing quality custom-made products.  We look forward to sharing best operating practices between the companies as we continue to build the industry’s leading automotive accessory provider.”

Kirkland & Ellis LLP served as legal counsel to Adell.  Financing for the transaction was provided by BBVA USA, Alliance Partners LLC, and Stifel Bank & Trust.

About Powerflow

Founded in 1969 and based in Buffalo, New York with offices in Toronto, Ontario and Magog, Quebec, Powerflow provides state-of-the-art manufacturing and distribution solutions for injection molded plastics trim parts sold to automotive vehicle manufacturers and dealers.  The Company’s product offerings include splash guards, body side moldings, bumper protectors, and door sills, which are sold to leading OEM customers including Toyota, Lexus, Subaru, Nissan, Infiniti, General Motors, Chrysler, and others. With over 50 years of operating history, Powerflow benefits from intrinsically intertwined operations and end-to-end, state-of-the-art manufacturing and distribution systems.