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Vehicle Accessories Acquires Hope Valley

Vehicle Accessories Acquires Hope Valley

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: 
Thomas Tuttle
Managing Director
(212) 201-6781
[email protected]
 
Louis Aurelio
Managing Director and Chief Administrative Officer
(212) 201-6783
[email protected]


About Kinderhook Industries

Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over $5.4 billion of committed capital. We have made in excess of 375 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.

For more information, please visit https://www.kinderhook.com


About Vehicle Accessories

Vehicle Accessories, Inc. is an integrated manufacturer of protective door edge guards, all-weather floor mats, splash guards, body side moldings, bumper protectors, running boards, door sills, and bed rails for the automotive industry. With locations in Sunnyvale, TX, Buffalo, NY, Toronto, Ontario, Magog, Quebec, and Placentia, CA, the Company has developed proprietary and patented manufacturing processes including specialized form rolling, stamping, bending, profile extrusions, and injection molding. VAI sells to leading automotive OEMs including Toyota, Lexus, Ford, Subaru, Nissan, Infiniti, Honda, Hyundai, Kia, General Motors, and Chrysler. Its products are installed post-production and are typically sold to end consumers as part of upgraded protection packages.

For more information, please visit https://vehicleaccessorygroup.com/


About Hope Valley

Hope Valley is a leading provider of precision manufactured all-weather floor mats. With facilities in Lincoln, RI and North Kingston, RI, the Company offers a full suite of value-added services including engineering and tooling, manufacturing, and full shipping capabilities. Hope Valley collaborates with leading OEM customers including Ford, Honda, and Chevrolet to design and manufacture its products and is the sole source supplier of all-weather floor mats on the platforms where it is awarded. The Company has deep relationships with its OEM customers and has earned GM Supplier of the Year, the Honda Accessory Development Award, the Honda Accessory Performance Award, Ford Q1 Preferred Quality Status, and other awards for its business.

For more information, please visit http://www.hopevalleyind.com

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