Hammond Kennedy Whitney & Company Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Hammond Kennedy Whitney & Company has acquired 8 companies.

Hammond Kennedy Whitney & Company’s most common sectors for investment are business services (17%) and technology hardware (11%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (52%) and recapitalization (35%). In total, Hammond Kennedy Whitney & Company has invested in 19 US states and 2 different countries.

In the last 3 years, Hammond Kennedy Whitney & Company has exited 4 companies. The Firm’s most common exit type is trade sale (52%). Hammond Kennedy Whitney & Company’s largest (disclosed) exit occurred in 2021 when it sold Xirgo Technologies for $400M.

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M&A Summary

  • M&A Total Activity82
    • M&A Buy Activity49
    • M&A Sell Activity33
  • Total Sectors Invested 19
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 27
  • M&A Advisors 7

Hammond, Kennedy, Whitney & Company, Inc.

8888 Keystone Crossing, Suite 600,
Indianapolis, Indiana 46240
United States
(317) 574-6900
www.hkwinc.com
info@hkwinc.com

Hammond Kennedy Whitney & Company (HKW) is a private equity firm focused on making control investments in mid-sized, 'market leading' companies generating sales of $20 to $200 million. HKW looks for companies with low risk for technological obsolescence, defined growth strategies, and talented management who want to own equity. Target transaction situations include industry consolidations, corporate divestitures, generational changes in ownership, growth equity, management buy-outs and recapitalizations. HKW prefers North American based opportunities. HKW dates back to 1903, however the Firm transitioned from sole to institutional investors in 2001. The Firm has offices in Indianapolis and New York City.


Investment Criteria

Sectors of Interest: Aerospace, Automotive, Business Services, Consumer Products, Distribution, Energy Services and Equipment, Engineering, Healthcare Services, Machinery, Manufacturing, Marketing, Medical Products, Packaging, Plastics, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 20 200
Target EBITDA 5 30
Investment Size - -
Enterprise Value 20 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.2/yr) # 38 3 4 2 1 1 49
Sell (1.4/yr) # 26 3 2 1 - 1 33
vol $158M $132M $400M $690M
  82

Most Recent M&A

Company Date Value Type
CIS Secure Computing, Inc. 2021-04-20 - Secondary Buyout
Ashburn, Virginia · www.cissecure.com
Xirgo Technologies LLC 2021-02-12 400M USD Add-on Acquisition
Camarillo, California · www.xirgotech.com
Infab Corp. 2020-04-08 - Buyout (LBO, MBO, MBI)
Camarillo, California · www.infabcorp.com
Traductions Serge Bélair, Inc. 2019-12-03 - Recapitalization
Montreal, Quebec · www.trsb.com
John M. Floyd & Associates, Inc. 2019-11-18 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.jmfa.com
Gatekeeper Systems, Inc. 2019-10-30 - Secondary Buyout
Irvine, California · www.gatekeepersystems.com
Fresh Direct Produce LLC 2018-12-10 - Buyout (LBO, MBO, MBI)
Vancouver, British Columbia · www.freshdirectproduce.com
Urban Armor Gear LLC 2018-08-27 - Buyout (LBO, MBO, MBI)
Laguna Niguel, California · www.urbanarmorgear.com
Indigo Wild LLC 2018-08-10 - Buyout (LBO, MBO, MBI)
Kansas City, Missouri · www.indigowild.com
Proact Services Corp. 2018-06-20 132M USD Add-on Acquisition
Ludington, Michigan · www.proact-usa.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Fresh Direct Produce LLC 2018-12-10 Mike And Mike's, Inc. 2020-07-07 3
Vancouver, British Columbia · www.freshdirectproduce.com Woodbridge, Ontario · www.mikeandmikesorganics.com

M&A by Sector

Sector Current # Value All-time # Value
Business Services 4 (27%) - 8 (16%) -
Consumer Products 3 (20%) - 5 (10%) -
Technology Hardware 1 (7%) - 5 (10%) -
Distribution 2 (13%) - 4 (8%) -
Machinery - - 4 (8%) -
Medical Products 1 (7%) - 4 (8%) -
Aerospace - - 3 (6%) -
Software 3 (20%) - 3 (6%) -
Energy Services and Equipment - - 2 (4%) -
Manufacturing - - 2 (4%) -
Automotive - - 1 (2%) -
Environmental - - 1 (2%) -
Food 1 (7%) - 1 (2%) -
Information Technology - - 1 (2%) -
Marketing - - 1 (2%) -
Plastics - - 1 (2%) -
Retail - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Transportation - - 1 (2%) -
Total 15 - 49 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 10 (67%) - 40 (82%) -
  California 3 (20%) - 8 (16%) -
  Indiana - - 6 (12%) -
  Texas 1 (7%) - 4 (8%) -
  Missouri 1 (7%) - 3 (6%) -
  North Carolina 1 (7%) - 2 (4%) -
  New Jersey 1 (7%) - 2 (4%) -
  Florida 1 (7%) - 2 (4%) -
  Michigan - - 2 (4%) -
  Virginia 1 (7%) - 1 (2%) -
  Louisiana 1 (7%) - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  Oregon - - 1 (2%) -
  Nevada - - 1 (2%) -
  Maine - - 1 (2%) -
  Illinois - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arizona - - 1 (2%) -
Canada 5 (33%) - 9 (18%) -
  Alberta 2 (13%) - 3 (6%) -
  Ontario 1 (7%) - 3 (6%) -
  British Columbia 1 (7%) - 2 (4%) -
  Quebec 1 (7%) - 1 (2%) -
Domestic 10 (67%) - 40 (82%) -
Cross-border 5 (33%) - 9 (18%) -
Total 15 - 49 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (40%) - 25 (51%) -
Recapitalization 5 (33%) - 17 (35%) -
Secondary Buyout 3 (20%) - 5 (10%) -
Add-on Acquisition 1 (7%) - 1 (2%) -
Divestiture - - 1 (2%) -
Total 15 - 49 -

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (48%) -
Trade Sale 11 (33%) 290M (42%)
Trade Sale - Public Company 6 (18%) 400M (58%)
Total 33 $690M

Top M&A Advisors

Financial Deals
Lincoln International
 3
Cain Brothers & Co. LLC
 1
Cowen Group, Inc.
 1
Legal Deals
Taft Stettinius & Hollister LLP
 8
Sutton, Pakfar & Courtney LLP
 1

Deal Values

sell # Total
$100M to $1B 3 $672M
< $100M 1 $18M
TOTAL $690M
Largest Xirgo Technologies LLC
$400M (2021-02-12)

M&A Connections

Deals
Acquired from
Investor(s)
14%
7 (14%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
48%
16 (48%)
Strategic(s)
52%
17 (52%)

Investor Summary

Size

Middle-Market

Established

2001

Specialist/Generalist

Generalist

Leadership

Ted Kramer

President & CEO

Jeffrey Wood

Senior Partner

Constantine Rakkou

CFO & CCO

Mike Foisy

Lead Operations Partner

Luke Phenicie

Lead Transaction Partner

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