August 17, 2020
Sunnyvale, TX – Vehicle Accessories, Inc. (“VAI”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of SOCKS, LLC (“SOCKS” or the “Company”). SOCKS is a web-based application designed to facilitate the sale of original equipment manufacturer (“OEM”) accessories for automotive dealerships. The Company represents the fourth add-on acquisition for VAI and Kinderhook’s 91st automotive-related transaction. Financial terms of the transaction were not disclosed.
SOCKS’ web-based application seeks to be the connective tissue between OEM dealerships and the consumer, by providing an easy-to-use, yet sophisticated accessory menu system for point of sale activities. The application is a key component for driving OEM accessory sales that provides documented ROI, departmental pricing, order fulfillment and tracking, reporting analytics, and in-dealership consulting and training. SOCKS’ customers are proven to generate higher year-over-year growth and profitability rates for dealer-installed options, a key profit driver for automotive dealerships.
It is expected that VAI will leverage its relationships with key automotive OEM’s to grow SOCKS base of dealership customers.
“The SOCKS team is excited to partner with VAI and Kinderhook. Our application fits well with VAI and will be an excellent tool for driving sales of its accessory products sold through automotive dealerships,” commented Vince Tunzi, General Manager for SOCKS.
Tom Tuttle, Managing Director of Kinderhook Industries, stated, “SOCKS is a great tuck-in acquisition for VAI. VAI plans to leverage its relationships with the leading automotive OEM’s to grow SOCKS’ customer base.”
“We are thrilled to welcome the SOCKS team and technology application to the VAI family. The acquisition is highly synergistic for both businesses and further illustrates our focus and commitment to driving accessory sales for automotive dealerships,” said J Pearson, VAI CEO.
Monroe Moxness Berg PA served as legal counsel to VAI.
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