Kinderhook Industries Recapitalizes All States Ag Parts
May 21, 2018

New York, NY
– Kinderhook Industries, LLC (“Kinderhook”) announced today the recapitalization of All States Ag Parts (“ASAP” or the “Company”) in partnership with John Dyke. Mr. Dyke founded ASAP in 1998 and is an experienced industry veteran with nearly 40 years of agricultural salvage experience. ASAP represents Kinderhook’s 54th automotive-related transaction. Financial terms of the transaction were not disclosed.

Headquartered in Downing, Wisconsin, ASAP is a leading 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 the largest buyer of salvage agriculture equipment in the U.S. and maintains an extensive inventory of parts to support all of the leading OEM brands. ASAP provides a compelling value proposition to its customers based upon the price, availability and warranty on its parts.

Paul Cifelli, Managing Director at Kinderhook, stated, “We are very excited to be partnering with John and his management team to capitalize on ASAP’s position as one of the largest suppliers of Alternative Parts to the agriculture industry. The Alternative Parts market for the agriculture industry is highly fragmented and still in its infancy relative to the automotive industry.”

“ASAP is a great opportunity for Kinderhook to partner with a highly talented management team to execute a buy and build strategy to consolidate and build a market leader in the agriculture parts industry,” said Michael Zoch, Principal at Kinderhook.

“I’m very excited to be partnering with Kinderhook. Our vision is to continue to aggressively grow ASAP to become the largest provider of Alternative Parts to the agriculture industry. Kinderhook’s extensive experience and industry relationships will enable us to achieve this goal,” said Mr. Dyke, Founder and CEO of ASAP.

Kirkland & Ellis LLP served as legal counsel to Kinderhook. Financing for the transaction was provided by Maranon Capital.

About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $2.0 billion of committed capital. We have made in excess of 180 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.

For more information please visit: www.kinderhook.com

About All States Ag Parts
Founded in 1998, All States Ag Parts is a leading supplier of used, rebuilt and aftermarket parts for all makes and models of tractors, combines and other farm machinery. The Company is a leader in all of its segments and provides customers with a single source for repair parts, offering competitive pricing, unmatched availability and industry-best warranties. The Company is headquartered in Downing, Wisconsin, and its footprint covers six contiguous states (Wisconsin, Minnesota, Iowa, Missouri, Nebraska, and South Dakota) in the heartland of U.S. farming.

For more information please visit: www.tractorpartsasap.com