All States Ag Parts, a supplier of replacement agricultural and construction parts and a portfolio company of Kinderhook Industries, has acquired Romac Industrial Parts.
All States Ag Parts (ASAP) is a supplier of used, rebuilt and aftermarket parts for all makes and models of tractors, combines, and other farm and construction equipment. ASAP, led by President Bill Davidson, is headquartered 28 miles east of Minneapolis in Hudson, Wisconsin, and its operating footprint covers eighteen US states and five Canadian provinces.
“The acquisition of Romac will further strengthen our ability to serve the construction industry by adding a full suite of ground engaging tools that were not previously carried by ASAP,” said Mr. Davidson.
Romac specializes in replacement ground engaging tools (GET) including bucket teeth, blades, and rubber tracks used on excavators, graders, bulldozers, and other heavy construction equipment. The company’s products are available for nearly all makes and models of heavy construction equipment. Romac was founded in 1992 and is headquartered north of Atlanta in Woodstock, Georgia.
The buy of Romac is ASAP’s fourteenth add-on acquisition since partnering with Kinderhook in May 2018. Post-close, ASAP will now operate 42 locations across North America including ag and construction equipment salvage yards, distribution centers, remanufacturing plants and customer service call centers.
“Romac is a fantastic acquisition for ASAP and deepens our commitment to being the leading provider of alternative parts to the construction industry,” said Paul Cifelli, a managing director at Kinderhook.
Other recent acquisitions by ASAP include the May 2022 acquisition of Virginia-based Dominion Equipment, a distributor of rubber tracks and dumping equipment with warehouses in Dallas, Cincinnati, Jacksonville, Portland, and Albany; and the September 2021 acquisitions of New Jersey-based Summit Supply and Ontario-based Contrax Equipment. Both companies are suppliers of aftermarket rubber tracks, undercarriage wear parts, solid tires, and trackpads.
Financing for the buy of Romac was provided by a lending syndicate led by Maranon Capital, Capital One, Madison Capital, and Ares Management.
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. Sectors of interest include healthcare services; environmental and business services; and automotive and light manufacturing.
© 2022 Private Equity Professional | September 7, 2022
