asTech Receives Strategic Investment from 3M

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Feb 24, 2021, 10:00 ET

NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Repairify, Inc. d/b/a asTech ("asTech"), a portfolio company of Kinderhook Industries, LLC ("Kinderhook"), announced today a strategic investment from 3M Company. The strategic investment from 3M will help asTech further expand and accelerate its proprietary tools, technology, and service offerings across the Americas and Europe. Financial terms of the transaction were not disclosed.

"The 3M strategic investment in Repairify enables us to accelerate our solutions and offerings across the entire automotive ecosystem," stated Cris Hollingsworth, President of Repairify, Inc. regarding the investment.

"We seek to make strategic investments that will advance our innovation and growth," said Ben Wright, Director, 3M Ventures. "We are moving rapidly to an even more digital-first world, and we see those shifts in the automotive aftermarket. This investment signifies our continued commitment to advance the digitization of 3M as well as of the customers we serve."

"Kinderhook is ecstatic to welcome 3M as a strategic investment partner in asTech. 3M is a respected brand with deep commercial expertise and global customer networks. The asTech team is eager to leverage the relationships and commercial reach of our new partner as we continue to expand asTech's service offering and global multi-tier tool strategy in order to better serve the entire automotive repair ecosystem across a broad set of geographies," said Paul Cifelli, Managing Director of Kinderhook.

Kirkland & Ellis LLP served as legal counsel to asTech.

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 asTech

asTech is the leading provider of remote diagnostic solutions and services to the collision industry. asTech provides cutting-edge, expert diagnostics using OEM tools to provide safe and accurate repairs. asTech provides remote diagnostics using its patented device and also provides access to ASE-Certified Master Technicians, who are trained to be virtual diagnosticians. asTech Master Technicians can service many trouble codes remotely and provide real-time assistance to shop technicians at the vehicle when needed. asTech also offers mobile repair, key replacement, calibration services, and BlueDriver®, the #1 vehicle scan tool solution on Amazon. asTech is based in Plano, Texas.

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

SOURCE Kinderhook Industries