December 18, 2020
New York, NY – Vehicle Accessories, Inc. (“VAI”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of HV Industries, Inc. (“Hope Valley” or the “Company”). Hope Valley is a leading provider of precision manufactured all-weather floor mats to automotive original equipment manufacturers (“OEMs”). The Company represents the fifth add-on acquisition for VAI and Kinderhook’s 95th automotive-related transaction. Financial terms of the transaction were not disclosed.
Hope Valley’s flagship product, all-weather floor mats, are key to VAI’s strategy of expanding its product portfolio and of becoming a one-stop-shop for OEMs seeking quality vehicle accessories. All-weather floor mats represent an important new product line for VAI. In every region of the United States, all-weather floor mats rank either first or second in vehicle accessory purchases by volume. In addition, Hope Valley’s products are offered on many of the best-selling vehicles in the U.S., including many top pick-up truck and SUV platforms.
“Hope Valley is a very strategic addition for Vehicle Accessories. The acquisition allows VAI to expand its network of core OEM relationships and offers entry into an exciting and growing new product category, all-weather floor mats. Hope Valley further diversifies VAI’s revenue and deepens its relationships in the highly attractive pick-up truck and SUV markets,” said Tom Tuttle, Managing Director of Kinderhook Industries.
“VAI is thrilled to welcome the Hope Valley team to the VAI family. Hope Valley shares our mission of manufacturing best-in-class products and providing outstanding customer service to our OEM partners. We are excited to unite our companies and to continue serving our OEM partners with world-class products,” said J Pearson, VAI CEO.
Wood & Lamping LLP served as legal counsel to VAI. Financing for the transaction was provided by BBVA USA, Alliance Partners LLC, and Stifel Bank & Trust.
For additional information about this transaction, please contact:
Managing Director and Chief Administrative Officer