Kinderhook Industries has acquired National Truck Protection from Palladian Capital, Fidus Investment Corporation, Saratoga Investment Corporation, Brookside Mezzanine Partners and management.
National Truck Protection (NTP) is a provider of drivetrain warranty coverage for commercial trucks. The company’s warranty products are sold to independent owner-operators of used class 3 through 8 trucks. NTP’s sales network includes over 1,300 used truck dealerships, large OEM truck manufacturers, large commercial trucking fleets, and finance and leasing companies. The company is led by CEO Bob Amico and is headquartered southwest of Newark in Cranford, NJ (www.ntpwarranty.com).
“We are excited to partner with Bob to help execute our organic and acquisition led growth plans for NTP,” said Tom Tuttle, a Managing Director at Kinderhook. “Bob has done a tremendous job leading the business over the past eight years and we look forward to partnering with him and his team as NTP embarks on its next phase of growth.”
Kinderhook Industries makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational and growth improvements. Kinderhook pursues investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small capitalization companies lacking institutional support. The firm was founded in 2003 and is based in New York (www.kinderhook.com).
“The acquisition of NTP aligns perfectly with Kinderhook’s investment strategy of partnering with world-class management teams to acquire companies who are market leaders in their respective niches,” said Paul Cifelli, a Managing Director at Kinderhook. “Kinderhook has developed expertise and a network of operating partners with decades of experience in automotive-related services businesses. We are excited about the opportunity to leverage this expertise to further enhance the strong foundation Mr. Amico and his team have built at NTP.”
NTP is the seventh platform investment in Kinderhook Capital Fund IV which closed in 2014 with $500 million of committed capital. The transaction also represents Kinderhook’s 35th automotive-related transaction.
Financing for the transaction was provided by Twin Brook Capital Partners – the middle market direct lending subsidiary of Angelo, Gordon & Co. Twin Brook focuses on loans to companies with EBITDAs between $3 million and $50 million. The firm is based in Chicago (www.twincp.com).
Kirkland & Ellis (www.kirkland.com) served as legal counsel to Kinderhook.
© 2016 Private Equity Professional • 7-28-16
