M&A Deal Summary

HKW Acquires Protect Plus Industries

On September 19, 2017, private equity firm HKW acquired consumer products company Protect Plus Industries from HCAP Partners and Plexus Capital

Acquisition Highlights
  • This is HKW’s 3rd transaction in the Consumer Products sector.
  • This is HKW’s 34th transaction in the United States.
  • This is HKW’s 2nd transaction in North Carolina.
Investment Fate
  • Protect Plus Industries was sold to a strategic buyer in 2021.

M&A Deal Summary

Date 2017-09-19
Target Protect Plus Industries
Sector Consumer Products
Buyer(s) HKW
Sellers(s) HCAP Partners
Plexus Capital
Deal Type Recapitalization

Target

Protect Plus Industries

Hickory, North Carolina, United States
Protect Plus Industries is a manufacturer and distributor of retail air filters and related products for home HVAC systems. Protect Plus Industries was founded in 2003 and is based in Hickory, North Carolina.

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Buyer(S) 1

Buyer

HKW

Indianapolis, Indiana, United States

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1903
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

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.


DEAL STATS #
Overall 40 of 56
Sector: Consumer Products M&A 3 of 5
Type: Recapitalization M&A Deals 16 of 18
State: North Carolina M&A 2 of 2
Country: United States M&A 34 of 46
Year: 2017 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-07 RST Instruments

Maple Ridge, British Columbia, Canada

RST Instruments is a manufacturer and marketer of geotechnical measurement instruments for engineering and consulting firms, oil and gas, mining, utility, and other sectors. R.S.T. Instruments is based in Maple Ridge, British Columbia. RST Instruments was founded in 1977 and is based in Maple Ridge, British Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-21 Civix

Metairie, Louisiana, United States

Civix provides professional services and software products to public sector clients. Software suites include business registration/filings, voter registration, campaign finance, nuclear water chemistry management, and airport management. Civix was founded in 1979 and is based in Metairie, Louisiana.

Buy -

Seller(S) 2

SELLER

HCAP Partners

La Jolla, California, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2000
PE ASSETS 670M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Huntington Capital is a mezzanine finance firm that provides both debt and equity financing to established, lower middle-market companies throughout California and the Southwest US. The Firm targets growth companies with positive cash flow, diversified customers, defensible market positions, and experienced management. The Firm looks to invest $5 to $35 million in companies generating revenues of $10 to $100 million. Areas of interest include manufacturing, services, healthcare, software, homeland security, retail, and information technology. Prospective transaction situations include buyouts, acquisitions, recapitalizations, and growth capital financings. Huntington Capital was formed in 2000 and is based in San Diego, California.


DEAL STATS #
Overall 23 of 36
Sector: Consumer Products M&A 1 of 1
Type: Recapitalization M&A Deals 3 of 3
State: North Carolina M&A 1 of 2
Country: United States M&A 23 of 36
Year: 2017 M&A 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-10 Roadrunner Pharmacy

Phoenix, Arizona, United States

Roadrunner Pharmacy, Inc. is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. Roadrunner Pharmacy, Inc. was established in 1999 and is based in Phoenix, Arizona.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-02 HMS

New York, New York, United States

HMS designs, manufactures and distributes women's Knit and Women garments Worldwide. HMS was founded in 1986 and is based in New York, New York.

Buy -
SELLER

Plexus Capital

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 2.2B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Plexus Capital is a private equity firm that invests in buyouts, acquisitions, recapitalizations and growth financings in the form of junior and/or equity capital. Plexus focuses on lower middle-market businesses located in the Mid-Atlantic and Southeast areas of the US. The Firm looks for businesses companies in the business services, consumer services, manufacturing, value-added distribution, and healthcare sectors with up to $2 to $15 million of cash-flow. Plexus Capital was formed in 1995 and is based in Charlotte, North Carolina.


DEAL STATS #
Overall 22 of 43
Sector: Consumer Products M&A 2 of 2
Type: Recapitalization M&A Deals 1 of 2
State: North Carolina M&A 4 of 8
Country: United States M&A 22 of 43
Year: 2017 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-01 Global Value Commerce

Raleigh, North Carolina, United States

Global Value Commerce is a technology e-commerce solutions provider, secondary market (“re-commerce”) expert and owner/operator of North America’s leading golf e-platform for pre-owned golf equipment and new golf gear. Global Value Commerce was established in 2001 and is based in Raleigh, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-25 Quality Oil Tools

Jennings, Louisiana, United States

Quality Oil Tools, Inc has developed an excellent reputation in the oilfield as a premier provider of high quality pressure control equipment, including gate valves, check valves, chokes and kill manifolds as well as replacement parts and repairs.

Sell -