Hammond, Kennedy, Whitney & Company (HKW) has acquired Protect Plus Air, a manufacturer and distributor of retail air filters and related products that are used in home HVAC systems.
Protect Plus Air was founded by the Robert Lackey family and is headquartered in Hickory, NC (www.protectplusair.com). “On behalf of the Protect Plus Air management team, we are excited about the investment by HKW. We look forward to retaining our current staff and maintaining our headquarters in Hickory,” said Robert Lackey, Jr., CEO of Protect Plus Air. “We are positioning ourselves for further growth with this new structure, while maintaining a significant investment in the company.”
“The Protect Plus Air opportunity embodies what we look for in our platform investments,” said Luke Phenicie, HKW’s Lead Transaction Partner. “This is a highly talented and passionate management team who were looking for a partner who could provide additional capital and strategic resources to help them grow. Their product line is highly attractive to HKW, as their business model creates predictable recurring revenue throughout the varying stages of the economic cycle. Consumers are more focused than ever on a healthy living environment, and we believe the company fits nicely with that long-term growth trend.”
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 55 platform management buyouts of small middle-market companies throughout North America as well as 61 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (www.hkwinc.com).
“HKW did what they said they would do from the very first meeting all the way to the closing table,” added Mr. Lackey. “Their approach gives us continued confidence in the partnership between our firms as we embark on the next stage of our strategic plan.”
Charlotte, NC-based The VSTH Group was the financial advisor to Protect Plus Air. Patrick Heinrich, a Managing Partner, led the transaction for VSTH.
© 2017 Private Equity Professional | September 29, 2017