Transaction Overview
- Represented Arrow Acquisition, LLC (“Arrow”), a portfolio company of B12 Capital Partners, Capital For Business, Diamond State Ventures, Konza Valley Capital, Inc., and Mid States Capital L.P., in its sale to All States Ag Parts, LLC (“ASAP”), a portfolio company of Kinderhook Industries.
- Arrow is a leading distributor and custom manufacturer of high-quality material handling products for mobile equipment.
- Arrow specializes in forks and other engineered attachments (buckets, augers, multi-pallet handlers, rotators, and hydraulic clamps, amongst others) for OEMs and the replacement aftermarket.
- Arrow utilizes a multi-faceted, multi-brand model to serve the equipment rental, dealer, OEM, and direct-to-consumer channels.
- All States Ag Parts is a leading supplier of used, rebuilt, and aftermarket parts for all makes and models of tractors, combines, other farm machinery, and construction equipment.
Key Observations
- 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. Arrow also adds synergistic in-house manufacturing and engineering capabilities.
Drivers of Interest
- Trusted equipment resource for a wide variety of applications across the industrial, warehouse, construction, and agriculture end markets.
- Function-critical product offering to a wide range of mobile equipment.
- Leading market position driven by product availability, breadth of offering, lead times, and quality.
- Blue-chip customer base includes a balanced mix of OEMs, end users, dealers, and rental companies.
- Strategic business model effectively combines distribution, sourcing, and manufacturing.
- Product portfolio with thousands of SKUs.
- Product compatibility with virtually any equipment manufacturer.
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