December 10, 2021
New York, NY – Vehicle Accessories, Inc. (“VAI”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of Remington Global, Inc. (“Remington” or the “Company”). Remington is a leading provider of floor protection products to automotive original equipment manufacturers (“OEMs”). The acquisition represents the sixth add-on acquisition for VAI and Kinderhook’s 134th automotive-related transaction. Financial terms of the transaction were not disclosed.
Remington has a proven business model differentiated by superior floor mat quality, long-term manufacturing partnerships, and strong OEM customer relationships. Remington has demonstrated the ability to deliver strong growth by consistently developing innovative product offerings. The Company will look to build upon VAI’s, and specifically Hope Valley’s, penetration of the floor mat market which historically ranks either first or second in vehicle accessory purchases by volume in every region of the United States.
“Remington Global is a strategic acquisition for Vehicle Accessories. The team looks forward to further diversifying VAI’s revenue streams across both product categories and OEMs, incorporating cross-selling opportunities, and leveraging the strong OEM relationships that Remington Global has built,” said Tom Tuttle, Managing Director of Kinderhook Industries.
“VAI is eager to officially welcome Remington to the VAI family. Since inception, Remington Global has provided world-class floor protection products and built strong, long-lasting relationships with the top OEM customers. VAI is thrilled about this acquisition and looks forward to Remington’s future success,” said J Pearson, VAI CEO.
Akin Gump Strauss Hauer & Feld 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.