Kinderhook invests in Bestop

Kinderhook Industries LLC has acquired a stake in Bestop Inc. from Magna International. Financial terms weren’t announced. Kinderhook and Magna have equal stakes in Bestop but Kinderhook has control of the company’s day-to-day operations, according to Tom Tuttle, a Kinderhook MD. Bestop management also has a stake, he said. A Kinderhook/Magna joint venture will be looking to develop new products and make acquisitions in the Jeep Wrangler aftermarket, Tuttle said. Louisville, Colorado-based Bestop makes soft tops and fabric accessories for Jeep vehicles. GE Antares Capital, Babson Capital Management and NewStar Financial provided financing.

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