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Kinderhook Acquires ThermaCell

NEW YORK, N.Y., July 3, 2014-- Kinderhook Industries, LLC (“Kinderhook”) announced today the acquisition of the ThermaCell Mosquito Repellent division (“ThermaCell” or the “Company”) from The Schawbel Corporation. This is Kinderhook’s 10th platform investment out of Kinderhook Capital Fund III and 15th platform carve-out since inception. Financial terms of the transaction were not disclosed.

ThermaCell Mosquito Repellents is the developer and manufacturer of the world’s most effective and innovative area mosquito control devices, utilizing a patented technology based upon a portable butane powered device. ThermaCell has pioneered an odorless delivery system that utilizes heat to disperse mosquito repellent, providing up to 98% protection for an area of up to 225 square feet. The ThermaCell products are convenient, easy to use and provide superior protection from mosquitos without requiring direct application to the skin.

“We are excited about our new partnership with Kinderhook as it will enable ThermaCell to continue to grow and expand consumer awareness of our market-leading products,” said Steve Hill, CEO of ThermaCell. “The most effective in the market, ThermaCell’s products activate within minutes and allow our customers to enjoy outdoor activities without the annoyance of flying insects. While the Company has done a great job over the past few years increasing consumer awareness of its products and technology outside of its core hunting market, we are confident that we can develop the right suite of products that will accelerate our entry and acceptance in other exciting outdoor markets. Kinderhook’s experience, access to capital and management focused investment strategy make them an ideal partner as the Company enters its next phase of growth.”

Tom Tuttle, Managing Director at Kinderhook, commented, “We are thrilled to partner with Steve Hill and his management team. ThermaCell is one of the most highly regarded brands in the outdoor marketplace and we are confident that ThermaCell will continue to distinguish itself as the market leader in the insect control market.”

“ThermaCell products have become essential for hunters because they are the most effective mosquito repellant available in the market,” said Paul Cifelli, Managing Director at Kinderhook. “Hunters prefer ThermaCell products because they are small, portable, quiet, odorless, easy to use and effective. Steve Hill, a Kinderhook operating partner, has extensive experience in the insect control market and we look forward to partnering with Steve and his team as they continue to expand the product portfolio, build product awareness and penetrate new markets.”

Financing for the transaction was provided by TCF Capital Funding. Kirkland & Ellis served as legal counsel for Kinderhook.

About Kinderhook Industries

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-$150 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. For more information please visit: www.kinderhook.com.

About ThermaCell

ThermaCell Mosquito Repellents is the developer and manufacturer of the world’s most effective and innovative area mosquito control devices, utilizing a patented technology based upon a portable butane powered device. ThermaCell has pioneered an odorless delivery system that utilizes heat to disperse mosquito repellent, providing up to 98% protection for an area of up to 225 square feet. The ThermaCell products are convenient, easy to use and provide superior protection from mosquitos without requiring direct application to the skin. For more information please visit: www.thermacell.com.


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