Hammond, Kennedy, Whitney & Company, Inc. Announces Sale of Mobile Tech, Inc.
Indianapolis, IN – August 5, 2016 – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) is pleased to announce that on August 5, 2016 it closed on the sale of Mobile Tech, Inc. (“MTI”). MTI designs, assembles, distributes and supports loss prevention and merchandising solutions for mobile product retailers and consumer electronics manufacturers in both the U.S. and international markets. MTI had been a portfolio company of HKW since 2013.
The buyer, in partnership with management, is Vestar Capital Partners, a middle-market private equity firm based in New York.
Chris Remy, CEO of MTI stated, “HKW’s investment philosophy of empowering management has been a great fit for our team. Their collaborative approach and transparent mentality, coupled with HKW’s resources, facilitated our ability to meet our investment objectives. It has been a great partnership.”
“MTI has been an industry leader in the design and delivery of innovative solutions that support the loss prevention, merchandising and technical challenges faced within the global marketplace” said Jeff Wood, HKW Managing Partner and former Chairman of the MTI Board. “HKW has been very pleased to have partnered with the team at MTI, who have established a strong culture of innovation and customer satisfaction. We believe the combined resources of Vestar and MTI will continue to strengthen the ability of the Company to deliver outstanding products and services to its customers.”
HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 51 platform transactions of lower middle-market companies throughout North America, as well as 56 add-on acquisitions. For further information on HKW, please visit www.hkwinc.com. For further information on MTI, please visit www.mobiletechinc.com.
MTI’s financial advisor was TM Capital Corp. (“TM”), an investment bank based in New York, Boston and Atlanta. Further information about TM is available at www.tmcapital.com.
Taft Stettinius & Hollister LLP (“Taft”) served as legal advisor to MTI. For further information on Taft, please visit www.taftlaw.com.