January 25, 2022
New York, NY – Vehicle Accessories, Inc. (“VAI”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of Cord Automotive International, Inc. (“Cord Automotive” or the “Company”). Cord Automotive is a leading designer and producer of running boards, door sills, bed rails, and other automotive accessories to automotive original equipment manufacturers (“OEMs”). The acquisition represents the seventh add-on acquisition for VAI and Kinderhook’s 142nd automotive-related transaction. Financial terms of the transaction were not disclosed.
Cord Automotive has a 15+ year history of offering robust, lightweight, corrosion resistant aluminum vehicle accessories to OEMs. The Company built a business model differentiated by superior product quality, innovative new product offerings, and strong OEM relationships. Cord Automotive has driven growth through its demonstrated ability to successfully develop and launch innovative new products for its customers. The Company works closely with OEMs regarding new designs to ensure that products meet and exceed expectations in creativity, design, and quality.
“VAI is happy to announce another strategic acquisition that will serve to further diversify VAI’s business across both product categories and OEMs. Cord Automotive has forged strong relationships with OEMs, including Toyota, for whom Cord Automotive is the #1 running board accessory supplier. The team looks forward to expanding Cord Automotive’s OEM relationships across all of VAI,” said Tom Tuttle, Managing Director of Kinderhook Industries.
“The team is thrilled for Cord Automotive to join VAI. The Company has a long, successful history of offering best-in-class accessories to OEMs. We are eager to build upon that success with Cord Automotive as part of the VAI family and look forward to welcoming Bill Cord to the VAI team as President of Cord Group and a member of the VAI Board of Directors,” said J Pearson, VAI CEO.
“Partnering with VAI and Kinderhook will allow for cross-selling opportunities within overlapping customer bases and the ability to leverage existing relationships across both Cord Automotive and VAI. We are excited to be part of the team and look forward to continued growth,” said Bill Cord, President of Cord Group.
Wood & Lamping, LLP and Kirkland & Ellis LLP served as legal counsel to VAI. Financing for the transaction was provided by Twin Brook Capital Partners, LLC, Kayne Anderson Capital Advisors, L.P., and Alliance Partners LLC.