June 23, 2010
Extang, Truxedo, Bedrug and UnderCover Join Forces
THI, the parent company of Extang Corporation, Truxedo, Inc. and BedRug, Inc.,
is pleased to announce its combination with E.D. Industries, Inc (UnderCover).
THI, a leading manufacturer of tonneau covers and bed liners for light duty
trucks, was formed in November 2007 by Kinderhook Industries, LLC. Through
its Extang and Truxedo product lines, THI is a leading soft tonneau manufacturer.
Its 2009 acquisition of Bedrug’s product line added the award winning Bedrug
carpeted, foam bed liner to the company. “A combination with UnderCover was the next logical step for THI”, said Tom Tuttle, Managing Director of Kinderhook Industries. “UnderCover is a dominant
“UnderCover is a dominant manufacturer of high quality, innovative one-piece ABS composite tonneau covers world-wide. Since inception in 1999, UnderCover has set the industry
standard in hard truck bed covers. The UnderCover name is synonymous with
excellence and is one of the most recognized brands in the truck aftermarket.
This brand equity combined with a history of innovation provides a perfect complement to THI’s strategy of building market leaders in the truck aftermarket.”
UnderCover will join THI under the leadership of THI CEO Bill Reminder.
“UnderCover is a great addition to our family of brands. UnderCover’s
experience and proven track record in the truck aftermarket will help THI expand
and accelerate its own strategic initiatives,” said Bill Reminder.
THI will leverage the best practices and operational strengths of all companies
under the THI umbrella while retaining the creativity, innovation, and commitment
to quality that these well-respected brands were built on. In particular, THI will
continue to leverage its engineering and R&D resources to bring new products to
market. In the past 12 months, the combined businesses have introduced a
broad suite of award-winning products; including the Extang Revolution,
UnderCover SE and BedTred products. New products currently rolling out
include the Undercover SE Smooth color-matched product and the Extang
Encore low profile hard folding tonneau.
David Wells, who will continue in his role as President of Undercover,
commented that “we look forward to working in partnership with industry leaders
Extang, Truxedo and BedRug. I’m confident through the combined efforts of all
of our companies, we will continue to grow and set the standard for the industry’s
best truck accessories.”
THI is the holding company for Extang (www.extang.com) and TruXedo
(www.truxedo.com), a leading manufacturer of soft tonneau covers for light duty
trucks in the U.S. and BedRug (www.bedrug.com), a pioneer in the development
of bed liners.
Kinderhook Industries, LLC
Kinderhook Industries is a New York based private equity fund with $750 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 former non-core subsidiaries of
larger corporations. For additional information, visit www.kinderhook.com
UnderCover is the pioneer and leader in innovative one-piece ABS composite
truck bed covers. Since its inception in 2001, UnderCover has seen a meteoric
rise in its market share. The company has created a niche market for ABS
tonneaus and established its product as an alternative to the higher priced
fiberglass and retractable hard tonneau covers, visit www.undercoverinfo.com.