Recapitalization • Retail

Kinderhook Industries and Maranon Capital Acquire PartsASAP

On May 21, 2018, private equity firm Kinderhook Industries and mezzanine finance firm Maranon Capital acquired retailer PartsASAP

Acquisition Context
  • This is Kinderhook Industries’ 1st and Maranon Capital’s 1st transaction in the Retail sector.
  • This is Kinderhook Industries’ 37th and Maranon Capital’s 29th transaction in the United States.
  • This is Kinderhook Industries’ 1st and Maranon Capital’s 1st transaction in Iowa.

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M&A Deal Summary

Date May 21, 2018
Target PartsASAP
Sector Retail
Buyer(s) Kinderhook Industries
Maranon Capital
Deal Type Recapitalization

Target Company

PartsASAP

De Soto, Iowa, United States
PartsASAP is a supplier of used, rebuilt and aftermarket parts (collectively, “Alternative Parts”) for all makes and models of tractors, combines, and other farm machinery. The Company is a buyer of salvage agriculture equipment in the U.S. and maintains an extensive inventory of parts to support all OEM brands. ASAP provides a compelling value proposition to its customers based upon the price, availability, and warranty on its parts. PartsASAP was founded in 1998 and is based in De Soto, Iowa.
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Buyers Overview 2

Buyer

Kinderhook Industries

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 8.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kinderhook Industries targets control investments in companies valued between $25 to $250 million. Prospective transaction situations include acquiring non-core divisions of public companies, existing small capitalization companies lacking institutional support, management buyouts of entrepreneurial-owned businesses, and troubled companies. Sectors of interest include consumer products and services, media, packaging, industrial products, communications, and business services. Kinderhook Industries was formed in 2003 and is based in New York, New York.


Deal Context for Buyer #
Overall 38 of 69
Sector: Retail 1 of 2
Type: Recapitalization 2 of 10
State: Iowa 1 of 1
Country: United States 37 of 67
Year: 2018 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-13 Black Widow

Trussville, Alabama, United States

Black Widow is an OEM authorized specialty vehicle manufacturer for light-duty trucks. The Company receives new vehicles directly from the OEMs, adds specialty packages, and then sells the up-fitted vehicles to new truck dealers with a full OEM warranty. Black Widow is headquartered in Trussville, Alabama.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-31 VirTrial

Scottsdale, Arizona, United States

VirTrial is a provider of software solutions for remote site startup and decentralized clinical trial conduct. VirTrial was founded in 2018 and is based in Scottsdale, Arizona.

Buy -
Buyer

Maranon Capital

Chicago, Illinois, United States

Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non-sponsored middle-market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital was formed in 2007 and is based in Chicago, Illinois. In 2019, Maranon Capital was acquired by asset management firm Eldrige.


Deal Context for Buyer #
Overall 29 of 38
Sector: Retail 1 of 1
Type: Recapitalization 3 of 5
State: Iowa 1 of 1
Country: United States 29 of 38
Year: 2018 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-17 Tax Guard

Westminster, Colorado, United States

Tax Guard is a provider of data and services that help lenders accurately assess tax-related credit risk associated with potential borrowers. Tax Guard was founded in 2009 and is based in Westminster, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-08 KPA

Westminster, Colorado, United States

KPA is a provider of cloud-based EHS risk management solutions for the automotive, collision repair, manufacturing, insurance, and distribution & logistics industries. The company combines a software platform with recurring on-site audit and loss control services to help client locations manage regulatory compliance, risk, asset protection, and workforce training and management. KPA was founded in 1986 and is based in Westminster, Colorado.

Sell -