BUSINESS: Kinderhook Partners With Management To Recapitalize Coleman Powersports

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

Daniel Webster, dWeb.News Publisher

NEW YORK, Oct. 13, 2021 /PRNewswire/ — Kinderhook Industries, LLC (“Kinderhook“) announced today the recapitalization of Coleman Powersports (“Coleman” or the “Company”) in conjunction with management. The financial terms of the transaction are not known. Rich Godfrey , Coleman’s founder and CEO, will continue in his current position as CEO and joins the Board of Directors.

Founded in 2010 and headquartered in Tempe, AZ, Coleman is a leading producer of entry-level powersports equipment sold through “Big Box” retailers. Coleman is the market leader in Mini bikes, All Terrain Vehicles (“ATVs”), Mini bikes (“Go karts”), and Utility Task Vehicles (“UTVs”) sold outside the traditional dealer channel. With a focus on supply chain and its network of 8,000+ post-sale service centers, Coleman has successfully “created the category” of selling powersports to “Big Box” retailers or other non-dealer accounts. Coleman operates two facilities in Tempe, AZ with 85 total employees.

As part of the transaction, Kinderhook will be adding several of its Business Building Professionals to Coleman’s Board of Directors, including Todd Balan, former Vice President of Corporate Development for Polaris Inc. (NYSE: PII), Mark Hanley, a longtime Kinderhook Business Building Professional, and current Kinderhook portfolio company CEOs J Pearson (Vehicle Accessories, Inc.), Steve Hill (Thermacell Repellents, Inc.), and John Larson (Bestop, Inc.). This group brings (i) experience in building brands and (ii), extensive knowledge in the powersports sector. (iii). They will also have deep relationships with Coleman’s current and potential retail customers.

“Partnering with Kinderhook will provide Coleman with resources that will improve our business and enhance our ability to serve our valued customers,” commented Rich Godfrey, CEO of Coleman, “With Kinderhook’s support, we look forward to building scale, increasing our distribution capabilities, and exploring new avenues for future growth. “

“Rich is a proven success story in powersports and is poised to lead the industry. Our investment in Coleman reflects the core tenet of Kinderhook’s investment strategy – partnering with world class management teams to execute an aggressive growth strategy,” said Chris Michalik, Managing Director at Kinderhook.

“Rich and his team’s ability to build trusted relationships with leading retailers and provide exemplary customer service is unrivaled in the retail-focused powersports sector,” said Paul Cifelli, Managing Director at Kinderhook, “We are thrilled to add Coleman to the Kinderhook portfolio. We look forward to working with Rich and his team in expanding Coleman’s product range and distribution reach within the rapidly growing powersports market. “

Kirkland & Ellis LLP served as legal counsel to Kinderhook. Twin Brook Capital Partners provided financing for the transaction.

Hudson Capital Advisors was Coleman’s financial advisor. Burns & Levinson LLP provided legal counsel.

About Kinderhook Industries

Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages $3.3 billion of committed capital. We have made in excess of 275 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. We focus on middle market businesses that can be positioned in a niche market. This includes the healthcare, automotive, light manufacturing, and environmental services sectors. Our track record is one of building industry leaders.

For more information, please visit: www.kinderhook.com

About Coleman Powersports

Founded in 2010 and headquartered in Tempe, AZ, Coleman is a leading producer of entry-level powersports equipment sold through “Big Box” retailers. Coleman is the market leader in Mini bikes, go karts and all-terrain vehicles (“ATVs”), as well as utility task vehicles (“UTVs”), outside the traditional dealer channel. With a focus on supply chain and its network of 8,000+ post-sale service centers, Coleman has successfully “created the category” of selling powersports to “Big Box” retailers or other non-dealer accounts. Coleman operates two facilities in Tempe, AZ with 85 total employees.

For more please visit: www.colemanpowersportsusa.com

SOURCE Kinderhook Industries

Related Links

http://www.kinderhook.com/

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