Hammond, Kennedy, Whitney & Company (HKW) has acquired Urban Armor Gear (UAG), a designer and manufacturer of branded, patented, and protective cases for mobile phones, laptops, and tablets.
UAG is led by its Co-CEOs Samuel Siu and Steve Armstrong and is headquartered in Laguna Niguel, CA (www.urbanarmorgear.com). “On behalf of the UAG management team, we are excited about this partnership with HKW,” said Mr. Siu. “We are positioning ourselves for the next phase of future growth and expansion with this new structure. Partnering with HKW, we have full confidence in the future of UAG.”
“We are very excited to make the investment in UAG and to partner with this management team,” said Luke Phenicie, Lead Transaction Partner at HKW. “The company has grown tremendously since inception and has significant opportunities on the horizon, and we are excited the team chose and trusted HKW as their investment partner.”
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 59 platform management buyouts of small middle-market companies throughout North America as well as 62 add-on acquisitions. The firm was founded in 1903 and is headquartered in Indianapolis with an additional office in New York (www.hkwinc.com).
“UAG fits squarely into HKW’s sweet spot of finding management owners who will retain significant equity ownership going forward. Additionally, the business generates exceptional free cash flow while also having non-cyclical consumer demand for its products,” said Chris Eline, a Principal at HKW.
“This is an exciting and pivotal moment for UAG,” said Steve Armstrong, Co-CEO at UAG. “Our unique partnership with HKW provides the means to fuel our continued growth while our management team focuses on building the brand, innovating new products, and expanding our global supply chain.”
D.A. Davidson & Co. (www.dadavidson.com) was the financial advisor to UAG.
© 2018 Private Equity Professional | August 28, 2018