THIADDSBAKINDUSTRIESTOTHEFAMILY
PressRelease
March18,2014
TectumHoldings,Inc.(“THI”)announcedtodaytheacquisitionofLaurmarkEnterprises,Inc.(d/b/a“BAK
Industries”or“BAK”).BAKistheseventhacquisitionontheTHIplatform.Financialtermsofthe
transactionwerenotdisclosed.
HeadquarteredinAnnArbor,MI,THIisapremiermanufactureroftonneaucovers,bedlinersand
relatedtruckaccessories.AstheleaderintheU.S.lightdutytruckaftermarket,THIisknownforthe
qualityandbreadthofitsproductline,engineeringexcellenceandinnovativenewproduct
development.THI’sfamilyofbrandsincludeExtang,TruXedo,BedRug,UnderCover,Advantage,Retrax
and,asoftoday,BAKIndustries.
BasedinSanFernando,CA,BAKIndustrieswasfoundedbyJulianandIvanMaiminin1988.Overthe
past26years,thecompanyhasexpandeditsproductofferingfrombedlinerstoacomprehensivelineof
dynamicandinnovativetonneaucovers.BAK’sphilosophyhasbeentocraftruggedandstrongproducts
whilestillmaintainingacleanlookofstyleandsophistication.
BillReminder,ChiefExecutiveOfficerofTHI,stated,“WeareveryhappytowelcomeBAKintotheTHI
family.TheBAKteamhasdoneanoutstandingjobofintroducingindustrychangingproductstotruck
ownerswhichishighlightedbyBAK’shighlysuccessfulBAKFliptonneau.BAK’sproductline-upisan
excellentadditiontoTHI’sextensiveproductportfolioandBAK’sonlinemarketingexpertisewillbe
highlycomplementarytoTHI’scurrentdistributionandmarketinginitiatives.”
“KinderhookisextremelyexcitedtoacquireBAKintoTHI,”saidTomTuttle,ManagingDirectorat
KinderhookIndustries.“Messrs.JulianandIvanMaiminhavebuiltagreatbusinessthroughinnovative
productdevelopmentandsupplyingcustomerswithtonneaucoversofthehighestfunctionandquality.
TheacquisitionofBAKaddsanotherpremiumbrandnametoTHIandwillfurtherenhanceTHI’sability
toserviceitscustomersbycontinuingtoofferinnovativeandhighqualityproductsolutions.”
THI’sChiefOperatingOfficer,KellyKneifladded,“BAKhasbeenextremelyinstrumentalinthe
innovationandgrowthofthehard-foldingtonneaucategory.BAK’sdedicatedworkforcehasbeena
keyfactorinkeepingupwiththestrongdemandforBAK’sproductsandwearelookingforwardto
workingwithandlearningfromtheBAKleadershipteamandemployees.”
FinancingforthetransactionwasprovidedbyMadisonCapitalFundingwhoservedastheSoleLead
ArrangerandSoleBookrunner.Kirkland&EllisservedaslegalcounseltoKinderhookandTHI.
Michelman&Robinson,LLPservedaslegalcounseltoBAK.
AboutTHI
THIistheholdingcompanyforExtang(www.extang.com),TruXedo(www.truxedo.com),UnderCover
(www.undercoverinfo.com),AdvantageTruckAccessories(www.atacovers.com),andRetrax
(www.retrax.com)–leadingmanufacturersoftonneaucoversforlightdutytrucks,andBedRug
(www.bedrug.com)–apioneerinthedevelopmentofbedliners.
THIhasfocusedonprovidingconsumersafullrangeoftonneauproductswithmarketleading
functionality,engineering,quality,anddesign.ThebreadthofTHI'sproductofferingaddressesvirtually
everyconsumerpricepointinboththehardandsofttonneaucategories.Fromthisdisciplined
approach,theCompanyhasintroducedinexcessof16newproductsandlineextensionsoverthepast
sixyears,andcurrentlyhassixnewproductlaunchesscheduledfor2014inadditiontonumerousother
productsunderdevelopment.Today,THI'sbrandsarerecognizedasthetopbrandsintheU.S.lightduty
truckaftermarketandleadersinproductinnovation.
AboutBAKIndustries
BAKIndustriesisaSanFernando,CAbasedmanufacturerofhardcompositefolding,rollupand
retractabletonneaucovers.Foundedin1988asaplasticsmanufacturerofbedlinersandcaps,they
eventuallyenteredthetonneaumarketintheearly2000’swiththeirfirsttonneau,amanuallyoperated
retractablecover–quicklyexpandingintoanumberofotherstylesincludingaquad-foldingand
aluminumslatroll-up.(www.bakliner.com)
AboutKinderhookIndustries
Foundedin2003,KinderhookIndustriesisaprivateequityfirmthatmanages$770millionofcommitted
capital.Kinderhook’sprincipalshavecompletedinexcessoffiftytransactions,investingover$1billion
throughouttheirinvestmentcareers.TheKinderhookinvestmentphilosophyispredicatedonmatching
uniqueinvestmentopportunitieswithhighqualitymanagementandoperatingexperienceinavarietyof
industriestosupportthegrowthofentrepreneurialownedbusinesses.www.kinderhookindustries.com