New York, NY – Kinderhook Industries, LLC (“Kinderhook”) announced the acquisition of Continental Auto Parts, L.L.C. (“Continental Auto Parts” or “CAP”) in partnership with management. Continental Auto Parts is a leading distributor of aftermarket collision automotive parts to multi-shop operators (“MSOs”) and independent collision shops. CAP represents Kinderhook’s 29th automotive / light manufacturing platform investment since inception. Financial terms of the transaction were not disclosed.
Continental Auto Parts is a Newark, New Jersey based warehouse distributor of aftermarket collision automotive parts primarily to collision centers. CAP maintains extensive product coverage across product categories, makes, and models to ensure first-call status with its customers. Founded in 1997 by Thomas Lee, CAP has expanded organically through the opening of ten strategically located hubs across New Jersey, New York, Pennsylvania, and Ohio. Thomas Lee will remain as President and CEO of Continental Auto Parts. Rob Wagman, former CEO of LKQ Corporation, now serves as Executive Chairman of Continental Auto Parts.
Thomas Lee, Founder and President of Continental Auto Parts, said, “I am thrilled to embark upon this new chapter of growth and expansion with Kinderhook and Rob Wagman, as is the entire Continental Auto Parts team. Their extensive experience and expertise in the industry make them ideal partners to help CAP realize its growth potential both organically and through acquisition.”
Rob Wagman, Executive Chairman of Continental Auto Parts, stated, “I am delighted to partner with Thomas Lee and the exceptional team at CAP in my new role as Executive Chairman. I have deep admiration for the entrepreneurial spirit embodied by Thomas Lee, whom I have had the privilege of knowing for over a decade. He has built a phenomenal business that is poised to expand its scale and reach in partnership with Kinderhook.”
Paul Cifelli, Managing Director at Kinderhook, said, “Continental Auto Parts and Thomas Lee have a demonstrated track record of growth and Kinderhook is excited to work with the entire CAP team to fuel the next era of expansion. The combined experience that Thomas Lee and Rob Wagman bring to the table is unmatched and we are eager to accelerate CAP’s growth trajectory.”
Kirkland & Ellis LLP served as legal counsel to Kinderhook for the transaction. Silvergrove Advisors served as financial advisor to Continental Auto Parts for the transaction. Financing for the transaction was provided by Truist Bank.
About Kinderhook Industries
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 425 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 Continental Auto Parts (“CAP”)
Founded in 1997, Continental Auto Parts is an aftermarket collision automotive parts distribution company headquartered in Newark, New Jersey. CAP primarily serves multi-shop operators (“MSOs”) and independent collision shops in the New Jersey, New York, Pennsylvania, and Ohio markets. Continental Auto Parts maintains extensive product coverage across categories, makes, and models to ensure first-call status with its customers. For more information, please visit: www.continentalparts.com
