Vestar Capital Partners has acquired Mobile Technologies from Hammond, Kennedy, Whitney & Company (HKW). HKW acquired Mobile Technologies in August 2013.
Mobile Technologies (MTI) designs, assembles, distributes retail loss prevention products that are used by sellers of mobile consumer electronics; and sells products under the ArmorActive brand that protect and secure tablets and smartphones that are used in both mobile and stationary retail environments. MTI is led by Chris Remy, president and chief executive officer, and is based west of Portland in Hillsboro, OR with additional offices in London and Hong Kong (www.mobiletechinc.com).
“We’re confident that our new partnership with Chris Remy and his management team will lead to new levels of growth and profitability for MTI,” said Robert Rosner, co-president and founding partner of Vestar. “Demand for retail merchandising display technology and enterprise mobility has a high growth outlook, and within that marketplace, MTI offers the only global, device-agnostic, turnkey solutions platform.”
Vestar specializes in management buyouts and growth capital investments. The firm targets equity investments from $50 million to $150 million in middle-market companies with enterprise values ranging from $250 million to $1 billion. Sectors of interest include consumer; diversified industries; healthcare; and financial services. Since the firm’s founding in 1988, Vestar has completed more than 75 investments in companies with a total value of more than $40 billion. Vestar has offices in New York, Boston, and Denver (www.vestarcapital.com).
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 51 platform management buyouts of small middle-market companies throughout North America as well as 56 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (www.hkwinc.com).
Investment bank TM Capital (www.tmcapital.com) was the financial advisor to MTI and Taft Stettinius & Hollister (www.taftlaw.com) served as legal advisor. Kirkland & Ellis (www.kirkland.com) served as legal advisor to Vestar.
© 2016 Private Equity Professional • 8-9-16
