April 2, 2009
Extang and TruXedo Acquire Assets of BedRug from Wise Industries
THI, the parent company of Extang Corporation and TruXedo, Inc., has acquired the operating assets of BedRug from Wise Industries, Inc. THI is the leading manufacturer of soft tonneau covers for light duty trucks in North America and was created as an investment vehicle by Kinderhook Industries, a highly respected New York private equity firm, to pursue acquisition opportunities in the truck aftermarket.
BedRug is the leading manufacturer of high-end cushioned and carpeted protective liners for the bed of a pickup truck. The BedRug liner product is more durable, comfortable and versatile than a traditional drop-in or spray-on liner and is waterproof, corrosion resistant and can withstand wide temperature ranges. BedRug is well known throughout the aftermarket and is synonymous with high quality, innovative and durable bed protection for trucks and is a perfect complement to THI’s strategy of acquiring leading brands in the truck aftermarket industry.
“I’m very excited to be working with the BedRug team as they continue to bring highly innovative products to market. Consistent with its strategy for Extang and TruXedo, Kinderhook intends to support a vigorous investment program in marketing and new product development at THI and BedRug to expand into the next generation of accessories for the back of a pickup truck. Additionally, Kinderhook and THI will continue to opportunistically explore additional strategic acquisition opportunities in the truck aftermarket that are highly complementary to THI’s overall strategy,” said Thomas Tuttle,Managing Director of Kinderhook.As part of this acquisition, BedRug will merge into THI’s group of aftermarket companies under the
As part of this acquisition, BedRug will merge into THI’s group of aftermarket companies under the management of Bill Reminder, CEO of THI, and Kelly Kneifl, COO of THI, and will continue to lay the foundation for further expansion into the next generation of truck and other related product categories. THI will strive to leverage the best practices and operational strengths of Extang, TruXedo and BedRug, while retaining the creativity, innovation and commitment to quality that these three brands were built
“Kinderhook brings the capital, experience, and resources needed to continue growing our businesses and supports our continued efforts to be at the forefront of the truck accessory market. BedRug’s commitment to innovation and quality makes it a very attractive asset as it complements THI’s current strategy of new product development for the back of a pickup truck. With the capital provided by Kinderhook, we will be able to accelerate new development initiatives to expand our product offering and selectively pursue additional acquisition opportunities in related accessories,” said Bill Reminder, CEO of THI.
“BedRug is the perfect match to bring into the THI family of truck accessories. Combining the strong brand reputations of high quality products will have a tremendous impact in the marketplace. This is an exciting next chapter in our history,” said Kelly Kneifl C.O.O. of THI.
THI is the holding company for Extang Corporation and TruXedo, Inc., the leading manufacturers of soft tonneau covers for light duty trucks in the U.S. Tonneaus are coverings used by truck owners to cover and secure the bed of their pickup.
BedRug is a pioneer and industry leader in the development and manufacture of a molded closed-cell polypropylene foam bed liner. Bed liners are utilized to protect the truck bed from daily wear and tear and improve its general appearance and utility, thereby extending the useful life and resale value of the truck.
Kinderhook Industries, LLC
Kinderhook Industries is a New York based private equity fund with $470 million of committed capital. Their investment philosophy is based on combining senior management and operating experience in a variety of industries to support the growth of entrepreneurial owned businesses and non-core subsidiaries. For additional information, visit www.kinderhook.com.