Banking

Babson provides NY firm with financing to buy Jeep-parts company

Tom Finke, CEO of Charlotte-based Babson Capital Management, speaks in Charlotte in December 2014. On Monday, Babson announced it has provided financing for a New York-based private equity firm’s purchase of a Colorado company that supplies parts for Jeeps.
Tom Finke, CEO of Charlotte-based Babson Capital Management, speaks in Charlotte in December 2014. On Monday, Babson announced it has provided financing for a New York-based private equity firm’s purchase of a Colorado company that supplies parts for Jeeps. dhinshaw@charlotteobserver.com

Charlotte-based Babson Capital Management said Monday it has provided financing for a New York-based private equity firm’s purchase of a Colorado company that supplies parts for Jeeps.

The financing supports Kinderhook Industries’ purchase of Bestop, based in Louisville, Colo. Founded in 1954, Bestop supplies original equipment and aftermarket products and accessories for Jeeps.

Terms of the deal were not disclosed.

The deal comes less than a week after Babson announced it has become a co-investor in Charlotte-based Falfurrias Capital Partners’ investment in Kansas-based GlynnDevins.

GlynnDevins provides marketing services for senior-living and senior-care communities across the U.S. Terms of Falfurrias’ and Babson’s investments in that company were not disclosed.

Falfurrias is a private equity firm formed by Hugh McColl Jr., a former Bank of America chairman and chief executive officer, and Marc Oken, a former Bank of America chief financial officer.

Babson, an asset-management firm, had previously made investments in Falfurrias’ funds, but the GlynnDevins deal marked its first direct investment in one of Falfurrias’ investments.

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