Oct 12, 2022
All States Ag Parts, LLC ("All States Ag Parts" or "ASAP"), the leading North American supplier of replacement agricultural and heavy equipment parts, and a portfolio company of Kinderhook Industries, LLC, announced the acquisition of Arrow Acquisition, LLC ("Arrow" or the "Company").
Founded in 1969, Arrow specializes in forks and attachments for a wide range of material handling equipment including forklifts, skid steers, loaders, telehandlers, excavators, tractors and backhoes from mini and compact equipment to large equipment. Arrow is headquartered in Lenexa, KS and has distribution facilities in Lenexa, KS; Houston, TX; Norfolk, VA and Corona, CA. Arrow is ASAP's fifteenth add-on acquisition since partnering with Kinderhook.
The acquisition expands ASAP's heavy equipment business into the adjacent category of material handling and further solidifies its position as a leading replacement parts business diversified across agriculture and industrial markets. Key members of Arrow's management team will remain with the business post-close, including Arrow CEO Terry Melvin. With the addition of Arrow, ASAP now operates 42 locations across North America.
Terry Melvin, CEO of Arrow, said, "We are thrilled to partner with ASAP and Kinderhook to accelerate the growth of Arrow. We look forward to continuing to serve our customers alongside a partner with the same core values."
"The acquisition of Arrow allows ASAP to immediately become the leading provider of attachment parts for the material handling industry. Arrow will add in-house manufacturing and engineering capabilities that will be highly synergistic across the platform. Terry and his team have built a tremendous business, and we look forward to working with them to offer best-in-class service to our combined customer base," said Bill Davidson, President of ASAP.
Paul Cifelli, Managing Director at Kinderhook, stated, "The Arrow transaction further demonstrates ASAP's ability to effectively increase scale and diversify its product lines through acquisitions. Arrow's impressive track record and stellar reputation will be highly accretive to ASAP's network of businesses."
Fredrikson & Byron, P.A. served as legal counsel to ASAP. Financing for the transaction was provided by a lending syndicate including Maranon Capital, Ares Management, Madison Capital Funding, Union Bank, and SLR Capital Partners.
Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages $5.4 billion of committed capital. We have made in excess of 350 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.
All States Ag Parts is the leading supplier of used, rebuilt and aftermarket parts for all makes and models of tractors, combines, other farm machinery, and construction equipment. The company is a leader in each of its segments and provides customers with a single source for repair parts, offering competitive pricing, unmatched availability, and industry-best warranties. ASAP is headquartered in Hudson, Wisconsin, and its footprint covers eighteen U.S. states in the heartland of U.S. farming, as well as five Canadian provinces.
Founded in 1969, Arrow specializes in forks and attachments for a wide range of material handling equipment including forklifts, skid steers, loaders, telehandlers, excavators, tractors and backhoes from mini and compact equipment to large equipment. Arrow is headquartered in Lenexa, KS and has distribution facilities in Lenexa, KS; Houston, TX; Norfolk, VA and Corona, CA.
Arrow is a portfolio company of Overland Park-based PE company Konza Valley Capital Inc.