September 14, 2022
New York, NY – Kinderhook Industries, LLC (“Kinderhook”), announced today the sale of National Truck Protection (“NTP” or the “Company”) to JM Family Enterprises (“JM Family”). Through this acquisition, NTP becomes a division of JM&A Group, a subsidiary of JM Family. Financial terms of the transaction were not disclosed.
Headquartered in Winston-Salem, North Carolina, NTP is the leading administrator of vehicle service contracts for used commercial vehicles in North America. The Company’s products offer significant value to its customers, from large fleets to independent owner-operators, by returning their trucks to running condition in the event of a breakdown.
“During our partnership with Kinderhook, NTP successfully grew through acquisition and substantial investments in our proprietary technology which in turned positioned the business for a rapid deployment of a multi-channel distribution strategy,” said Wade Bontrager, President and CEO of NTP. “Kinderhook was the ideal financial partner and NTP looks forward to continued success with well-known industry leaders in JM Family and JM&A Group.”
Sam Keenan, Principal at Kinderhook, stated, “Kinderhook is ecstatic with this outcome for NTP and our limited partners. It was a privilege to partner with Wade and the NTP team. We are proud of all that has been achieved during the past six years and are confident that NTP will experience further success with JM Family and JM&A Group.”
“Over the past six years, NTP experienced phenomenal growth, becoming the #1 administrator of vehicle service contracts for used commercial vehicles,” said Paul Cifelli, Managing Director at Kinderhook. “Under our ownership, NTP built a world class management team, completed a strategic acquisition, and built a nationwide network of authorized service centers. These initiatives coupled with significant investments in technology allowed us to grow the business nearly 5x during our hold period.”
Piper Sandler & Co. served as a financial advisor and Kirkland & Ellis LLP served as legal counsel to NTP in the transaction.