THI ADDS BAK INDUSTRIES TO THE FAMILY
March 18, 2014
Tectum Holdings, Inc. (“THI”) announced today the acquisition of Laurmark Enterprises, Inc. (d/b/a “BAK Industries” or “BAK”). BAK is the seventh acquisition on the THI platform. Financial terms of the transaction were not disclosed.
Headquartered in Ann Arbor, MI, THI is a premier manufacturer of tonneau covers, bed liners and related truck accessories. As the leader in the U.S. light duty truck aftermarket, THI is known for the quality and breadth of its product line, engineering excellence and innovative new product development. THI’s family of brands include Extang, TruXedo, BedRug, UnderCover, Advantage, Retrax and, as of today, BAK Industries.
Based in San Fernando, CA, BAK Industries was founded by Julian and Ivan Maimin in 1988. Over the past 26 years, the company has expanded its product offering from bed liners to a comprehensive line of dynamic and innovative tonneau covers. BAK’s philosophy has been to craft rugged and strong products while still maintaining a clean look of style and sophistication.
Bill Reminder, Chief Executive Officer of THI, stated, “We are very happy to welcome BAK into the THI family. The BAK team has done an outstanding job of introducing industry changing products to truck owners which is highlighted by BAK’s highly successful BAKFlip tonneau. BAK’s product line-up is an excellent addition to THI’s extensive product portfolio and BAK’s online marketing expertise will be highly complementary to THI’s current distribution and marketing initiatives.”
“Kinderhook is extremely excited to acquire BAK into THI,” said Tom Tuttle, Managing Director at Kinderhook Industries. “Messrs. Julian and Ivan Maimin have built a great business through innovative product development and supplying customers with tonneau covers of the highest function and quality.
The acquisition of BAK adds another premium brand name to THI and will further enhance THI’s ability to service its customers by continuing to offer innovative and high quality product solutions.” THI’s Chief Operating Officer, Kelly Kneifl added, “BAK has been extremely instrumental in the innovation and growth of the hard-folding tonneau category. BAK’s dedicated work force has been a key factor in keeping up with the strong demand for BAK’s products and we are looking forward to working with and learning from the BAK leadership team and employees.”Financing for the transaction was provided by Madison Capital Funding who served as the Sole Lead Arranger and Sole Bookrunner. Kirkland & Ellis served as legal counsel to Kinderhook and THI. Michelman & Robinson, LLP served as legal counsel to BAK.
About THI is the holding company for Extang (www.extang.com), TruXedo (www.truxedo.com), UnderCover (www.undercoverinfo.com), Advantage Truck Accessories (www.atacovers.com), and Retrax (www.retrax.com) – leading manufacturers of tonneau covers for light duty trucks, and BedRug (www.bedrug.com) – a pioneer in the development of bed liners.
THI has focused on providing consumers a full range of tonneau products with market leading
functionality, engineering, quality, and design. The breadth of THI's product offering addresses virtually every consumer price point in both the hard and soft tonneau categories. From this disciplined approach, the Company has introduced in excess of 16 new products and line extensions over the past six years, and currently has six new product launches scheduled for 2014 in addition to numerous other products under development. Today, THI's brands are recognized as the top brands in the U.S. light duty truck aftermarket and leaders in product innovation.
About BAK Industries
BAK Industries is a San Fernando, CA based manufacturer of hard composite folding, rollup and retractable tonneau covers. Founded in 1988 as a plastics manufacturer of bed liners and caps, they eventually entered the tonneau market in the early 2000’s with their first tonneau, a manually operated retractable cover – quickly expanding into a number of other styles including a quad-folding and aluminum slat roll-up. (www.bakliner.com)
About Kinderhook Industries
Founded in 2003, Kinderhook Industries is a private equity firm that manages $770 million of committed capital. Kinderhook’s principals have completed in excess of fifty transactions, investing over $1 billion throughout their investment careers. The Kinderhook investment philosophy is predicated on matching unique investment opportunities with high quality management and operating experience in a variety of industries to support the growth of entrepreneurial owned businesses.