Bestop, a portfolio company of Kinderhook Industries, has acquired Tuffy Security Products, a maker of storage products – such as steel consoles, drawers, glove boxes, and trunks – that are used in Jeeps, trucks, SUV’s and other commercial vehicles.
“Tuffy has firmly established itself as a trail-blazer in the security products category and complements Bestop’s existing lockbox business and is in line with the company’s commitment to deliver the highest-quality products to its distributors, jobbers, and consumers,” said Bestop CEO, John Larson.
Bestop is a manufacturer of soft tops and fabric accessories for Jeep vehicles and since 1986 has been the sole supplier of factory soft tops on all Jeep Wranglers, a compact and mid-size SUV manufactured by Chrysler. The company was founded in 1954 and is based near Denver in Louisville, CO (www.bestop.com). Tuffy Security Products is headquartered 400 miles southwest of Bestop in Cortez, CO (www.tuffyproducts.com).
Tuffy represents the second add-on acquisition for Bestop. In June 2016 the company acquired San Marcos, CA-based Baja Designs, a provider of off-road lighting products sold to the automotive aftermarket (www.bajadesigns.com).
“Bestop is growing both organically and through acquisitions,” said Mr. Larson. “We continue to invest in brand development, aggressive product innovation, and working with our retail partners to drive the best-possible consumer experience. Baja Designs and Tuffy are just the first in a series of great brands which we intend to add to the Bestop family”
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).
Paul Cifelli, a Managing Director at Kinderhook, led the acquisition of Tuffy.
© 2016 Private Equity Professional • 8-24-16
