Dunes Point Capital has formed Hy-Tek Holdings to acquire Hy-Tek Material Handling and WorldSource Integration. Both companies are active as integrators of material handling systems.
Hy-Tek and WorldSource provide new and used material handling equipment and integration services – including design, engineering, and installation – to the e-commerce, third-party logistics, and parcel processing sectors.
Hy-Tek was founded in 1963 and is employee-owned with 475 employees. The company is headquartered in Columbus, Ohio with five other locations in Georgia, Kentucky, New Jersey, Pennsylvania, and Tennessee. WorldSource, founded in 1998 with 70 employees, is headquartered near Chicago in Batavia, Illinois.
Equity for Dunes Point’s investment in Hy-Tek Holdings was sourced from Dunes Point Capital Fund II LP. The debt for the transaction was provided by M&T Bank.
Dunes Point is a family office and private investment firm that makes control investments in companies operating in the general industrial and business services sectors that have enterprise values of up to $1 billion. The firm was founded in 2013 by Timothy White, a former senior managing director of credit-focused hedge fund GSO Capital which was acquired in 2008 by Blackstone and renamed Blackstone Credit in 2020.
Alvarez & Marsal’s transaction advisory group was the financial advisor to Dunes Point. Alantra was the financial advisor to both Hy-Tek and WorldSource. Ropes & Gray provided legal services to Dunes Point. The Ropes & Gray team was led by partner Kendrick Chow and associate Joshua Coombes.
© 2021 Private Equity Professional | March 26, 2021
