INDIANAPOLIS, HKW,a middle-market private equity firm focused on growth-oriented companies, announced today the sale of Gatekeeper Systems, Inc. (“Gatekeeper”) to Graham Partners, Inc. Gatekeeper, headquartered in Foothill Ranch, CA, offers a product suite of intelligent cart solutions to minimize merchandise loss and reduce asset and labor expenditures. Graham Partners is based in Newtown Square, PA.
“Given Gatekeeper’s industry expertise, their emphasis on advanced technologies, and the potential for both organic and strategic expansion, this opportunity fit well with HKW’s focus on supporting the growth and development of strong management teams in the business services space,” said Mike Foisy, Chairman of Gatekeeper’s Board of Directors and Lead Operations Partner at HKW. “We are extremely proud of the strategic partnership we developed with the Gatekeeper team and wish them well as they move forward with their next phase of growth.”
HKW, which partnered with Gatekeeper’s founders and acquired a controlling interest in the company in September 2016, was attracted to Gatekeeper’s value proposition and untapped potential for growth.
“HKW played a critical role in understanding, supporting, and helping to shape our long-term vision,” said Robert Harling, President and CEO of Gatekeeper. “They provided the resources that allowed us to invest in the development of cutting-edge technologies and the capital to support our growth and acquisition strategies, both in the US and internationally.”
Mr. Harling was the CEO of Carttronics, a primary competitor to Gatekeeper, before Carttronics was acquired by Gatekeeper in 2017. Throughout the hold period, HKW supported existing customer growth, strategic acquisitions, technology advancements, and international expansion, among other key initiatives.
“Gatekeeper is a great platform for add-ons and we were pleased to provide the resources and capital required to complete three acquisitions,” said Chris Eline, Principal at HKW. “This strategy helped us develop new technologies and quickly push Gatekeeper solutions to new markets, especially internationally.”
Cowen Inc. served as financial advisor and Taft Stettinius & Hollister LLP served as legal advisor to HKW in connection with this transaction.
HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 60 platform transactions of lower middle-market companies throughout North America, as well as 66 add-on acquisitions. For more information on HKW, please visit hkwinc.com.
About Gatekeeper Systems
Gatekeeper Systems offers a product suite of intelligent cart solutions to minimize merchandise loss and reduce asset and labor expenditures. With offices throughout North America, Europe, and Australia, Gatekeeper serves a growing customer base of both regional and global blue-chip retailers. Headquartered in Foothill Ranch, CA, Gatekeeper’s products and services offer an attractive value proposition to retailers, with a typical payback period of twelve months or less. For more information, visit gatekeepersystems.com.
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