By: Dustin Walsh
CRAIN’S DETROIT BUSINESS
March 19, 2014
Ann Arbor,Mich.-based Tectum Holdings Inc. expands its truck bed liner offerings Tuesday with the acquisition of bed liner and tonneau cover manufacturer Laurmark Enterprises Inc.
Terms of the deal were not disclosed.
San Fernando, Calif.-based Laurmark, dba BAK Industries, is the seventh acquisition under the THI platform, which is controlled by New York private equity firm Kinderhook Industries LLC.
Bill Reminder, CEO of THI, said in a news release that BAK’s hard-folding BAKflip tonneau cover and online marketing expertise sparked THI’s interest in the acquisition. Tonneau covers are used to protect the cargo bed in a pickup truck.
“BAK has been extremely instrumental in the innovation and growth of the hard-folding tonneau category, THI’s COO Kelly Kneifl said in a news release.
THI declined to discuss revenue for either company but said the total headcount is now 1,100 employees.
THI’s other truck accessory businesses include: Ann Arbor-based Extang Corp.; Yankton, S.D.-based Truxedo Inc.; Rogersville, Mo.-based UnderCover Inc.; Ann Arbor-based Advantage Truck Accessories Inc.; Grand Forks, N.D.-based Retrax Holdings LLC; and Old Hickory, Tenn.-based BedRug Inc.
New York-based Madison Capital Funding LLC provided financing for the deal. Kirkland & Ellis served as legal counsel for THI and Michelman & Robinson LLP served as legal counsel for BAK.