Comvest Partners and JW Levin Management Partners are acquiring West Chester, Pennsylvania-based Lasko Holdings, a provider of portable fans and heaters. No financial terms were disclosed. Wells Fargo Securities, Flaster/Greenberg and Fox Rothschild advised Lasko while Jefferies and McDermott Will & Emery advised Comvest and JWLMP.
WEST CHESTER, PA, NOVEMBER 21, 2016 – Lasko Holdings, Inc., the largest provider of portable fans and heaters in the United States, today announced that Comvest Partners (“Comvest”) and JW Levin Management Partners (“JWLMP”) are acquiring the company. The Lasko family will continue as an investor in the company.
The company, which was founded by Henry Lasko 110 years ago in 1906, is headquartered in West Chester, PA. Lasko designs, manufactures, assembles and distributes portable fans and heaters sold in North America, South America and Asia, and also designs, manufactures, assembles and distributes ventilation products under the Air King brand. The company is recognized as a leader in the portable fan and portable heating categories and proudly operates American manufacturing, assembly, and distribution facilities in Tennessee, Texas and Pennsylvania.
“Lasko is the number one brand in consumer portable fans and portable heaters with a wide offering of energy efficient home comfort products, strong category share, and a loyal customer base,” said Tom Clark, Partner at Comvest Partners. “We admire the decades of leadership of Oscar Lasko and his son, Bill Lasko. We believe Lasko is uniquely positioned as a result of its domestic production facilities to service its customers, and plan to enhance this service offering while increasing the company’s growth through new products, categories and geographies.”
Simultaneously with the transaction, Bill Lasko, CEO, will retire from the company and Jerry W. Levin, CEO of JWLMP and an industry veteran who previously served as CEO of Wilton Brands, American Household (Sunbeam), Coleman, and Revlon, will serve as Chairman and interim CEO. The rest of the management team will continue with the company.
Jerry W. Levin added, “The company has an outstanding reputation in the industry for customer service and for providing high quality home comfort products. I look forward to working with the company’s management and employees, as we transition to the next phase of the company’s evolution focusing on innovation, quality, performance and value, and to ensure the level of customer service that has been the foundation of this company for over 100 years continues without interruption.”
“This is an exciting opportunity for the company. My family and our loyal team at the company have built a tremendous legacy over the past century. Comvest and JWLMP bring the resources, experience and knowledge to continue this legacy and take the company to the next level,” said Bill Lasko.
Lasko was advised by Wells Fargo Securities, Flaster/Greenberg, and Fox Rothschild. Comvest and JWLMP were advised by Jefferies and McDermott Will & Emery.
About Lasko Holdings, Inc.
Lasko has been engineering and building high performance home comfort products with leading edge designs in the U.S. and around the world for 110 years. Started in 1906 by Mr. Henry Lasko, the company has grown to an international organization and a leader in portable fans and heaters. The company’s products can be found at many retailers and online sites. For more information, please visit laskoproducts.com and airkinglimited.com.
About Comvest Partners
Comvest Partners is a private investment firm providing equity and debt capital to middle-market companies across the U.S. Since its founding in 2000, the firm has invested over $2.4 billion in over 140 companies. Through its extensive capital resources and broad network of industry relationships, Comvest offers its companies financial sponsorship, critical strategic and operational support, and business development assistance. For more information, please visit www.comvest.com.
About JW Levin Management Partners
JW Levin Management Partners is a firm that invests in and provides management services to branded consumer products and services companies. JWLMP was founded in 2015 and is based in New York, New York. For more information, please contact firstname.lastname@example.org.