Automotive injection molder and extruder Vehicle Accessories Inc. has acquired automotive supplier Remington Global Inc. for an undisclosed price.
Ooltewah, Tenn.-based Remington makes floor protection products for automotive original equipment manufacturers. In a news release, VAI officials said that Remington "has a proven business model differentiated by superior floor mat quality, long-term manufacturing partnerships, and strong OEM customer relationships."
They added that floor mat purchases rank either first or second in vehicle accessory purchases by volume in every region of the U.S.
VAI is a portfolio company of New York investment firm Kinderhook Industries LLC. The Remington deal is the sixth add-on acquisition made by VAI. Remington "is a strategic acquisition" for VAI, Kinderhook Mananging Director Tom Tuttle said in the release.
"The team looks forward to further diversifying VAI's revenue streams across both product categories and OEMs, incorporating cross-selling opportunities, and leveraging the strong OEM relationships that Remington Global has built," he added.
VAI, based in Sunnyvale, Texas, is an integrated manufacturer of protective door edge guards, floor mats, splash guards, body side moldings, bumper protectors and door sills. The firm has plants in Sunnyvale; Buffalo, N.Y.; Toronto and Magog, Quebec.
In addition to injection molding and profile extrusion, VAI offers specialized form rolling, stamping and bending. The firm's products are installed post-production and are typically sold to end consumers as part of upgraded protection packages.