Kinderhook Industries has acquired the ThermaCell Mosquito Repellent division from The Schawbel Corporation. This is Kinderhook’s 10th platform investment out of Kinderhook Capital Fund III and 15th platform carve-out since inception.
“We are excited about our new partnership with Kinderhook as it will enable ThermaCell to continue to grow and expand consumer awareness of our market-leading products,” said Steve Hill, CEO of ThermaCell. “Kinderhook’s experience, access to capital and management focused investment strategy make them an ideal partner as the company enters its next phase of growth.”
ThermaCell Mosquito Repellents is a developer and manufacturer of mosquito control devices that utilizes a patented technology based upon a portable butane powered device. ThermaCell has pioneered an odorless delivery system that utilizes heat to disperse mosquito repellent, providing up to 98% protection for an area of up to 225 square feet. ThermaCell is based in Bedford, MA (www.thermacell.com).
“We are thrilled to partner with Steve Hill and his management team. ThermaCell is one of the most highly regarded brands in the outdoor marketplace and we are confident that ThermaCell will continue to distinguish itself as the market leader in the insect control market,” said Tom Tuttle, Managing Director at Kinderhook.
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. The firm pursues private equity 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, founded in 2003, has $1.25 billion of committed capital and is based in New York (www.kinderhook.com).
“ThermaCell products have become essential for hunters because they are the most effective mosquito repellant available in the market,” said Paul Cifelli, Managing Director at Kinderhook. “Hunters prefer ThermaCell products because they are small, portable, quiet, odorless, easy to use and effective. Steve Hill, a Kinderhook operating partner, has extensive experience in the insect control market and we look forward to partnering with Steve and his team as they continue to expand the product portfolio, build product awareness and penetrate new markets.”
Financing for the transaction was provided by TCF Capital Funding. Kirkland & Ellis served as legal counsel for Kinderhook.
2014 PEPD • Private Equity’s Leading News Magazine • 7-15-14
