Kinderhook Industries has acquired All States Ag Parts, a supplier of used, rebuilt and aftermarket parts for all makes and models of tractors, combines and other farm machinery.
All States Ag Parts (ASAP) is the largest supplier of used, new and remanufactured tractor and combine parts 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, Gehl, Massey Ferguson, Kubota, Lexion, Minneapolis Moline, Oliver, Steiger, Versatile, and White.
ASAP has ten facilities, some of which have multiple functions, located in Wisconsin, Minnesota, Iowa, Missouri, Nebraska, and South Dakota. Included are eight salvage yards, two rebuild facilities and a 217,000 sq. ft. distribution center in Lake Mills, IA. The company’s catalog and e-commerce call center is based in De Soto, IA. All States Ag Parts is headquartered 65 miles east of Minneapolis in Downing, WI (www.tractorpartsasap.com).
ASAP was founded in 1998 by David Dyke and his two sons, Paul and John. Kinderhook is partnering on this investment with CEO John Dyke. “We are very excited to be partnering with John and his management team to capitalize on ASAP’s position as one of the largest suppliers of alternative parts to the agriculture industry,” said Paul Cifelli, Managing Director at Kinderhook. “The alternative parts market for the agriculture industry is highly fragmented and still in its infancy relative to the automotive industry.”
“I’m very excited to be partnering with Kinderhook. Our vision is to continue to aggressively grow ASAP to become the largest provider of alternative parts to the agriculture industry. Kinderhook’s extensive experience and industry relationships will enable us to achieve this goal,” said Mr. Dyke.
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/business services, and automotive/light manufacturing. Kinderhook was founded in 2003 and is based in New York (www.kinderhook.com).
“ASAP is a great opportunity for Kinderhook to partner with a highly talented management team to execute a buy and build strategy to consolidate and build a market leader in the agriculture parts industry,” said Michael Zoch, a Principal at Kinderhook.
Financing for the transaction was provided by Maranon Capital (www.maranoncapital.com).
© 2018 Private Equity Professional | May 21, 2018
