NEW YORK, March 23, 2021 /PRNewswire/ — Automotive Keys Group, LLC (“AKG”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook“), announced today the acquisition, in partnership with Management, of Midwest Keyless, Inc. (“Midwest Keyless” or the “Company”). Based in Spring Grove, IL, Midwest Keyless is a remanufacturer and distributor of replacement OEM and aftermarket keyless entry remotes & keys as well as key-cutting and programming equipment. Financial terms of the transaction were not disclosed.
Midwest Keyless serves over 3,000 locksmiths and automotive professionals throughout the United States and Canada and provides leading technical support and ongoing education through its on-staff experts and training seminars on programming and key-cutting equipment. The acquisition of Midwest Keyless magnifies AKG’s presence in the wholesale and locksmith sales channels and adds a highly experienced and committed team to the organization. The Company’s differentiated procurement model and exemplary customer service processes will be leveraged across the broader AKG platform.
Ayal Sharvit, CEO at AKG, stated, “The Midwest Keyless team is an invaluable addition to AKG and together we will enhance the growth potential of our combined businesses. The integration of Midwest Keyless will allow us to better serve our customers and expand our relationships with locksmiths and other professionals nationwide and in Canada.”
“Midwest Keyless has been a standard-setting automotive replacement keys company for over 15 years and is known for its knowledgeable staff who have a wealth of expertise on the ever-changing technology of the locksmith industry,” said Paul Cifelli, Managing Director at Kinderhook. “Our growing AKG platform is following the path of many previous Kinderhook successes in the automotive aftermarket.”
Monroe Moxness Berg PA served as legal counsel to AKG. Conlin & Co served as financial advisor to Midwest Keyless, Inc.
About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $3.3 billion of committed capital. We have made in excess of 250 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 Automotive Keys Group
Automotive Keys Group (AKG) is a leading remanufacturer and distributor of replacement automotive keyless entry remotes, other key replacements and related equipment. AKG sells into a variety of end markets through several sales channels and strategic partners. With a diverse set of supplier relationships, AKG provides a comprehensive product offering for over 95% of the vehicles on the road.
For more information, please visit: www.keysholdings.com
About Midwest Keyless
Midwest Keyless is a supplier of high-quality new and refurbished OEM replacement automotive remotes, transponder keys, and locksmith tools. Midwest Keyless serves over 3,000 locksmiths and automotive professionals throughout the United States and Canada and provides premier technical support and ongoing education through its on-staff experts and training seminars on key-cutting and programming equipment.
For more information, please visit: www.mwkeyless.org
SOURCE Kinderhook Industries
