Hammond, Kennedy, Whitney & Company, Inc. Buys Three Companies on the Same Day
Indianapolis, IN – July 31, 2014 – Hammond, Kennedy, Whitney & Company, Inc. (“HKW”) announced that it closed on the recapitalizations of R.S.T. Instruments Ltd. (“RST”), Workhorse Rail, LLC (“Workhorse”) and Steel City Rail, LLC (“Steel City”) on July 31, 2014. The three acquisitions in one day constitutes a record in HKW’s 111 year history.
“We are extremely pleased with these three acquisitions and the HKW deal teams who made it happen,” said Glenn Scolnik, Chairman of HKW. “It was a historic day for the firm, and we believe it demonstrates our ability to buy quality companies at reasonable prices in the current ‘pro-seller’ environment. Although too early to celebrate, we also signed a new letter of intent to acquire another company on this same day.”
RST, headquartered in Maple Ridge, British Columbia, Canada, is a manufacturer and marketer of geotechnical measurement instruments which serve a wide variety of end markets, including oil and gas, utility, mining and infrastructure. The Company’s products, which include inclinometers, data loggers, and vibrating wire, provide critical information for a variety of customers worldwide. RST was represented exclusively by Deloitte in this transaction. For additional information on RST, please visit www.rstinstruments.com.
Workhorse, headquartered in Pittsburgh, PA, is a manufacturer and supplier of freight car parts for the North American rail industry. Workhorse’s products, which include certified steel castings and forgings, as well as machined, formed, and fabricated metal parts, are sold to leading railroads and railcar builders. Workhorse was presented to HKW by Confluence Advisors LLC. For additional information on Workhorse, please visit www.workhorserail.com.
Steel City, headquartered in Wexford, PA, is a supplier of industry standard freight car parts. Steel City was an add-on acquisition for Workhorse and provides a complementary line of products. For additional information on Steel City, please visit www.scrail.com.
HKW is a private equity firm founded in 1903 with offices in Indianapolis and New York. Since 1982, HKW has sponsored 46 platform transactions of lower middle-market companies throughout North America as well as 51 add-on acquisitions. For further information on HKW, please visit www.hkwinc.com.