Kinderhook Industries has agreed to sell Vehicle Accessories (VAI) to RealTruck, a portfolio company of L Catterton.
VAI is a leading manufacturer of functional automotive accessories, offering products such as all-weather floor mats, splash guards, body-side moldings, and running boards. The company’s customers include major automotive brands and original equipment manufacturers (OEMs) like Toyota, Lexus, Ford, Subaru, and General Motors. VAI is headquartered in Mesquite, Texas, just east of Dallas.
Kinderhook founded VAI in 2019 as a platform for a buy-and-build strategy centered on genuine OEM parts and accessories, as well as parts sold to the aftermarket divisions of automotive OEMs. During Kinderhook’s ownership, VAI completed seven add-on acquisitions, including Adell Group (2019), Powerflow (2019), Hope Valley Industries (2020), SOCKS (2020), Remington Global (2021), Cord Automotive (2022), and Maxton Group (2024).
RealTruck, headquartered in Ann Arbor, Michigan, designs, manufactures, and distributes a wide array of branded aftermarket accessories, such as bed liners, tonneau covers, steps, bumpers, floor liners, and lighting products. Its portfolio of company-owned brands includes Extang, TruXedo, Bushwacker, UnderCover, Advantage, Lund, Retrax, Husky Liners, and Rugged Liner. Founded in 2007 as Truck Hero by J Pearson, RealTruck was acquired by CCMP Capital Advisors in 2017 and by L Catterton in 2021. Today, RealTruck operates under the leadership of CEO Carl-Martin Lindahl and employs more than 5,000 people across 72 facilities worldwide.
“We’re grateful for Kinderhook’s support over the past five years. Their expertise and resources helped us build a strong, customer-focused business,” said J Pearson. “We’re excited to start our next chapter with the RealTruck family.”
“We are ecstatic about this result for both Kinderhook and Vehicle Accessories. It has been a privilege to partner with J Pearson and the entire VAI team,” said Tom Tuttle, managing director at Kinderhook. “We are very proud of all that has been accomplished by VAI and are confident that its success will continue with RealTruck.”
“The product offering has expanded from one application to over a dozen product categories, and VAI’s success underscores Kinderhook’s investment strategy—partnering with world-class management teams to aggressively grow businesses both organically and through add-on acquisitions,” said Nate Druckenmiller, principal at Kinderhook.
Kinderhook, headquartered in New York City, makes control investments in companies with transaction values between $25 million and $150 million, focusing on sectors like healthcare services, environmental and business services, and automotive and light manufacturing. In June 2024, Kinderhook closed its Kinderhook Capital Fund 8 LP with $2.75 billion in capital commitments, exceeding its target and closing oversubscribed.
L Catterton, based in Greenwich, Connecticut, invests in consumer-focused businesses, with expertise in food and beverage, retail and restaurants, consumer products and services, consumer health, and media and marketing services. Founded in 1989, L Catterton manages $34 billion in equity capital across private equity, credit, and real estate strategies, with 200 professionals in 17 offices worldwide.
Piper Sandler & Co. served as the financial advisor to VAI in this transaction, which is expected to close in the first quarter of 2025.
© 2025 Private Equity Professional | January 14, 2025