Babson Capital Management served as a mandated co-lead arranger of senior secured credit facilities to support Kinderhook Industries' acquisition of Bestop, Inc.
The financing, which includes a revolving credit facility and a term loan facility, supports Kinderhook's purchase of Bestop from Magna International and provides additional working capital. Founded in 1954 and headquartered in Louisville, Colorado, Bestop has been the leading supplier of original equipment and aftermarket products and accessories for Jeeps for more than 50 years.
"Kinderhook is pleased to collaborate with Babson on our investment in Bestop," said Paul Cifelli, Managing Director of Kinderhook Industries. "Babson's deep expertise in the middle market, along with its flexibility, responsiveness and ability to provide financing solutions across the capital structure have made it a valuable partner for Kinderhook on this and previous transactions."
"Babson values its relationship with Kinderhook and we look forward to working with them again in the future," said Brian C. Baldwin, Managing Director in Babson's U.S. Middle Market Lending Group. "We are excited about the opportunities for Bestop to grow organically and through acquisition, by leveraging its leading market position and premium brand as well as Kinderhook's resources and extensive experience in the automotive aftermarket."
Founded in 2003, Kinderhook Industries is a private equity firm with over $1.25 billion of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity professionals. Kinderhook primarily makes control investments in companies with transaction values of $25 million to $250 million in which the firm believes it can achieve significant financial, operational and growth improvements. The firm targets orphaned non-core subsidiaries of corporate parents, existing small capitalization public companies lacking institutional support and management-led recapitalizations of entrepreneur-owned companies. By providing access to capital, strategic advice and an extensive network of relationships, Kinderhook has a history of successfully building privately held firms in partnership with management.
Babson Capital Management is a leading global asset management firm with over $218 billion in assets under management as of June 30, 2015. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities.