Kinderhook Closes Fifth All States Add-On

All States Ag Parts, a portfolio company of Kinderhook Industries, has acquired H&R Construction Parts & Equipment.

Kinderhook acquired All States Ag Parts (ASAP), a supplier of used, rebuilt and aftermarket parts for all makes and models of tractors, combines and other farm machinery, in May 2018. The buy of H&R is the fifth add-on acquisition for ASAP under Kinderhook’s ownership.

H&R is a value-added dismantler and supplier of new, used, reconditioned, and rebuilt heavy equipment parts to OEM dealers, wholesalers, and retailers.

H&R purchases used machinery from auctions, equipment dealers, and direct from end-users, and then disassembles and reconditions parts for resale. The company specializes in heavy equipment parts for excavators, wheel loaders, bulldozers, and articulated trucks.

“This is a great acquisition for us,” said John Dyke, CEO of All States Ag Parts. “The acquisition of H&R puts us in a stronger position to serve the construction industry. ASAP customers will have access to many additional products in the near future, not only related to agriculture parts, but also a greatly expanded selection of construction equipment parts.”

H&R is headquartered in Buffalo, New York with additional facilities in Lawrenceville, Georgia, and Riverside, California. These three locations aggregate to over 165,000 square feet of warehouse space and over 45 acres of land for outside storage.

ASAP is the largest supplier of used, new and remanufactured tractors, combines and other farm machinery in North America. The company has more than 850,000 aftermarket parts – with over 50,000 parts available for same-day shipping – and carries parts for all makes including John Deere, Case IH, New Holland, Ford, International, Allis Chalmers, Caterpillar and many others. ASAP has more than a dozen facilities, some of which have multiple functions, located in Wisconsin, Minnesota, Iowa, Missouri, Nebraska, South Dakota, Georgia, New York and California. The company’s catalog and e-commerce call center is based in De Soto, Iowa. ASAP, led by CEO John Dyke, is headquartered 28 miles east of Minneapolis in Hudson, Wisconsin.

“With this acquisition, All States Ag Parts becomes a one-stop-shop for agriculture, industrial, and heavy construction equipment parts,” said Paul Cifelli, a managing director at Kinderhook. “We look forward to the future success of ASAP and H&R as they operate as leaders in the industry.”

New York City-based Kinderhook 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. The firm makes investments in non-core divisions of public companies, management buyouts of entrepreneurial-owned businesses, troubled situations, and existing small-capitalization companies lacking institutional support. Sectors of interest include healthcare services; environmental and business services; and automotive and light manufacturing.

In January 2020, Kinderhook held a final closing of its sixth fund, Kinderhook Capital Fund VI LP (along with a parallel fund, together “Fund VI”), at its hard cap with $1 billion of limited partner commitments. Fund VI was oversubscribed and is the largest fund ever raised by Kinderhook.

Private Equity Professional | April 21, 2020

Print Friendly, PDF & Email