HKW Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, HKW has acquired 5 companies. It has also invested in 1 other.

HKW’s most common sectors for investment arebusiness services (15%) and technology hardware (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and recapitalization (34%). In total, HKW has invested in 19 US states and 2 different countries.

In the last 3 years, HKW has exited 6 companies. The Firm’s most common exit type is trade sale (50%). HKW’s largest (disclosed) exit occurred in 2021 when it sold Xirgo Technologies for $400M.

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M&A Summary

  • M&A Total Activity92
    • M&A Buy Activity54
    • M&A Sell Activity38
  • Total Sectors Invested 20
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 28
  • M&A Advisors 8

HKW

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 $5 to $75 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, Food, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Manufacturing, Marketing, Medical Products, Packaging, Plastics, Software, Technology Hardware, 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 5 75
Target EBITDA 5 30
Investment Size - -
Enterprise Value 20 150
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.4/yr) # 47 1 1 4 1 - 54
Sell (1.2/yr) # 32 - 3 3 - - 38
vol $290M $400M $690M
  92

Most Recent M&A

Company Date Value Type
CMIT Solutions LLC 2023-01-09 - Secondary Buyout
Austin, Texas · www.cmitsolutions.com
dominKnow, Inc. 2022-12-22 - Recapitalization
Ottawa, Ontario · www.dominknow.com
Brant Screen Craft, Inc. 2022-12-01 - Secondary Sale
Brantford, Ontario · www.brantinstore.com
Certified Tracking Solutions 2022-10-11 - Trade Sale
Edmonton, Alberta · www.titangps.ca
Royal Camp Services Ltd. 2022-04-01 - Secondary Sale
Edmonton, Alberta · www.royalcamp.com
Draup, Inc. 2022-03-22 - Growth Capital
The Woodlands, Texas · www.draup.com
Technical Toolboxes Powertools, Inc. 2022-01-06 - Buyout (LBO, MBO, MBI)
Houston, Texas · www.technicaltoolboxes.com
Golden Country Oriental Food LLC 2022-01-01 - Buyout (LBO, MBO, MBI)
Chicago, Illinois · www.goldencountry.com
Protect Plus Air Holdings LLC 2021-09-22 - Trade Sale
Hickory, North Carolina · www.protectplus.com
Fresh Direct Produce Ltd. 2021-08-11 - Secondary Sale
Vancouver, British Columbia · www.freshdirectproduce.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Civix 2017-12-21 Civix’s Critical Infrastructure 2023-08-30 1
Metairie, Louisiana · www.gocivix.com Metairie, Louisiana
CIS Secure Computing, Inc. 2021-04-20 Intrepid Solutions and Services, Inc. 2022-08-03 1
Ashburn, Virginia · www.cissecure.com Herndon, Virginia · www.intrepidsolutions.com
Infab Corp. 2020-04-08 International Biomedical - Glove Division 2022-04-20 2
Camarillo, California · www.infabcorp.com Austin, Texas

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (13%) - 8 (15%) -
Consumer Products 2 (13%) - 5 (9%) -
Distribution 2 (13%) - 5 (9%) -
Technology Hardware 1 (7%) - 5 (9%) -
Medical Products 1 (7%) - 4 (7%) -
Aerospace - - 3 (6%) -
Information Technology 2 (13%) - 3 (6%) -
Machinery - - 3 (6%) -
Manufacturing - - 3 (6%) -
Software 2 (13%) - 3 (6%) -
Energy Services and Equipment - - 2 (4%) -
Internet Software and Services 2 (13%) - 2 (4%) -
Automotive - - 1 (2%) -
Environmental - - 1 (2%) -
Food 1 (7%) - 1 (2%) -
Marketing - - 1 (2%) -
Plastics - - 1 (2%) -
Retail - - 1 (2%) -
Test/Measurement Equipment - - 1 (2%) -
Transportation - - 1 (2%) -
Total 15 - 54 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 13 (87%) - 44 (81%) -
  California 3 (20%) - 8 (15%) -
  Texas 4 (27%) - 7 (13%) -
  Indiana - - 6 (11%) -
  Missouri 1 (7%) - 3 (6%) -
  New Jersey 1 (7%) - 2 (4%) -
  Illinois 1 (7%) - 2 (4%) -
  Florida 1 (7%) - 2 (4%) -
  North Carolina - - 2 (4%) -
  Michigan - - 2 (4%) -
  Louisiana 1 (7%) - 1 (2%) -
  Virginia 1 (7%) - 1 (2%) -
  Tennessee - - 1 (2%) -
  Pennsylvania - - 1 (2%) -
  Oregon - - 1 (2%) -
  Nevada - - 1 (2%) -
  Maine - - 1 (2%) -
  Colorado - - 1 (2%) -
  Arizona - - 1 (2%) -
  Wisconsin - - 1 (2%) -
Canada 2 (13%) - 10 (19%) -
  Ontario 1 (7%) - 4 (7%) -
  Alberta - - 3 (6%) -
  British Columbia - - 2 (4%) -
  Quebec 1 (7%) - 1 (2%) -
Domestic 13 (87%) - 44 (81%) -
Cross-border 2 (13%) - 10 (19%) -
Total 15 - 54 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (47%) - 27 (50%) -
Recapitalization 3 (20%) - 18 (33%) -
Secondary Buyout 4 (27%) - 6 (11%) -
Add-on Acquisition - - 1 (2%) -
Divestiture - - 1 (2%) -
Growth Capital 1 (7%) - 1 (2%) -
Total 15 - 54 -

Exits by Deal Type

Type Total # Value
Secondary Sale 19 (50%) -
Trade Sale 13 (34%) 290M (42%)
Trade Sale - Public Company 6 (16%) 400M (58%)
Total 38 $690M

Top M&A Advisors

Financial Deals
Lincoln International
 3
D.A. Davidson & Co.
 1
Cain Brothers & Co. LLC
 1
Legal Deals
Taft Stettinius & Hollister
 11
Sutton, Pakfar & Courtney
 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)
15%
8 (15%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
50%
19 (50%)
Strategic(s)
50%
19 (50%)

Investor Summary

Investor Type

Private Equity Firm

Size

Middle-Market

Established

1903

Specialist/Generalist

Generalist

Leadership

Ted Kramer

President & CEO

Daniel Kim

Partner

Kent Robinson

Partner

John Carsello

Partner

Luke Phenicie

Partner

FAQ

When was HKW founded?

HKW was founded in 1903.

What type of investor is HKW?

HKW is a private equity firm.

Where is HKW headquartered?

HKW is headquartered in Indianapolis, Indiana.

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