Gatekeeper Systems, a portfolio company of Hammond, Kennedy, Whitney & Company (HKW), has acquired Carttronics.
Carttronics is a manufacturer of products used to stop the removal of shopping carts from retail sites. Products include CAPS (cart anti-theft protection system), CIMS (cart inventory management system), POPS, BasketTrack, and StorePort. Carttronics was founded in April 1997 and is based in San Diego (www.carttronics.com).
“This acquisition of Carttronics is a great opportunity to expand our product portfolio and increase our service capabilities to the customer bases of both companies,” said Michael Lawler, CEO of Gatekeeper.
Gatekeeper, acquired by HKW in September 2016, provides intelligent shopping cart products that are used to minimize merchandise loss and reduce asset and labor expenditures. The company’s products use radio frequency and locking wheel technology to reduce shrink by putting an end to cart based shoplifting and shopping cart loss. Eighteen of the top 20 global retailers use shopping carts that incorporate Gatekeeper products. The company is headquartered in Irvine, CA (www.gatekeepersystems.com).
“The acquisition of Carttronics is an exciting addition to the Gatekeeper business, further expanding the company’s loss prevention and cart containment product offerings,” said Mike Foisy, HKW’s Lead Operations Partner and Chairman of Gatekeeper’s Board of Directors.
Hammond, Kennedy, Whitney & Company invests in companies with revenues between $20 million and $200 million and EBITDAs between $2 million and $20 million. Since 1982, HKW has completed 53 platform management buyouts of small middle-market companies throughout North America as well as 57 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (www.hkwinc.com).
© 2017 Private Equity Professional | February 10, 2017
