HKW has sold Protect Plus Air to Freudenberg Filtration Technologies. No financial terms were disclosed. Based in Hickory, North Carolina, Protect Plus Air is a maker of home environment air quality filters.
INDIANAPOLIS–(BUSINESS WIRE)–HKW, a middle-market private equity firm focused on growth-oriented companies, announces the sale of PPA Holding, Inc. (“Protect Plus Air”) to Freudenberg Filtration Technologies. Protect Plus Air, headquartered in Hickory, NC, is a leading manufacturer of home environment air quality filters.
HKW partnered with Protect Plus Air in September 2017. During the investment period, HKW helped Protect Plus Air strengthen foundational operating processes, including capital investments in automation and enhanced manufacturing efficiencies.
“I appreciate HKW’s collaborative approach,” said Greg Schorr, CEO at Protect Plus Air. “Their commitment to growth, and strategic vision facilitated our ability to grow the company over our partnership.”
“Protect Plus Air has a great product line and is a perfect example of a company where HKW could provide operating expertise to support management on improving efficiencies,” said James Snyder, Partner at HKW. “Greg and the entire management team did a fantastic job during our ownership. We appreciate their hard work and dedication, especially over this last year with the multitude of pandemic challenges.”
Chris Eline, Principal at HKW, added, “Over the past several years, consumers have been increasingly focused on air quality. Protect Plus was well positioned to support this Health & Wellness trend and management did a great job capitalizing on the market opportunities.”
For additional information on PPA, please visit: protectplusair.com
About HKW – HKW is a middle-market private equity firm investing in companies with talented management teams in the US and Canada. HKW targets companies in the Business Services, Health & Wellness, and Technology sectors. Since 1982, HKW has sponsored 64 platform transactions of lower middle-market companies throughout North America and 71 add-on acquisitions. For more information on HKW, please visit hkwinc.com.
PPA’s financial advisor was Robert W. Baird & Co, an investment bank based in Chicago, IL. Further information about Baird is available at www.rwbaird.com.
Taft Stettinius & Hollister LLP (“Taft”) served as legal advisor to PPA. For further information on Taft, please visit www.taftlaw.com.