Kinderhook Industries, LLC has acquired Continental Auto Parts, L.L.C. in partnership with management. Continental Auto Parts (CAP) is a distributor of aftermarket collision automotive parts to multi-shop operators and independent collision shops based in Newark, New Jersey. CAP represents Kinderhook’s 29th automotive/light manufacturing platform investment, the company said. Financial terms of the transaction were not disclosed.
Founded in 1997 by Thomas Lee, CAP has expanded organically through the opening of ten hubs across New Jersey, New York, Pennsylvania and Ohio. Lee will remain as president and CEO of Continental Auto Parts. Rob Wagman, former CEO of LKQ Corporation, now serves as executive chairman of Continental Auto Parts.
“I am thrilled to embark upon this new chapter of growth and expansion with Kinderhook and Rob Wagman, as is the entire Continental Auto Parts team,” Lee said. “Their extensive experience and expertise in the industry make them ideal partners to help CAP realize its growth potential both organically and through acquisition.”
Wagman added: “I am delighted to partner with Thomas Lee and the exceptional team at CAP in my new role as executive chairman. I have deep admiration for the entrepreneurial spirit embodied by Thomas Lee, whom I have had the privilege of knowing for over a decade. He has built a phenomenal business that is poised to expand its scale and reach in partnership with Kinderhook.”
Kirkland & Ellis LLP served as legal counsel to Kinderhook for the transaction. Silvergrove Advisors served as financial advisor to Continental Auto Parts for the transaction. Financing for the transaction was provided by Truist Bank.
