German Manufacturer Absorbs Kinderhook Portfolio Company
March 18, 2013
PE firm Kinderhook Industries has sold portfolio company Absorption Corp to German manufacturing company J. Rettenmaier & Söhne Group. Headquartered in Ferndale, WA, Absorption Corp makes fiber products primarily used for small-animal bedding and litter, and its brands include CareFRESH, Healthy Pet and CritterCare. The company has been backed by Kinderhook since 2010. Its sale, including prior distributions, resulted in a return on invested capital of approximately 2.4x for Kinderhook Capital Fund III and represents the fund's first realization.