Vestar Capital Partners said Aug 8 that it acquired Mobile Technologies Inc from Hammond, Kennedy, Whitney & Company Inc. Financial terms weren’t announced. Portland-based Mobile Technologies provides mobile device security and display technologies.
NEW YORK, NEW YORK – August 8, 2016 – Vestar Capital Partners (“Vestar”), in partnership with management, announced today that it has acquired Mobile Technologies Inc. (“MTI”), a global leader in mobile device security and display technologies, from Hammond, Kennedy, Whitney & Company, Inc. (“HKW”). Terms were not disclosed.
Founded nearly 40 years ago, MTI operates in three business segments: Retail Merchandising (innovative solutions that display, power, and secure mobile devices within the retail environment); ArmorActive (engineered solutions that empower tablets and smartphones for enterprise mobility and connectivity applications); and Global Services (installation, preventive maintenance, on-demand break-fix, and contact center services to support businesses’ retail and enterprise mobile device deployments worldwide).
“Vestar’s financial resources and strategic expertise will help MTI capitalize on its exciting growth opportunities, while continuing to meet and exceed the expectations of our valued customers,” said Chris Remy, president and chief executive officer of MTI. “Our partnership with HKW has established MTI in these markets. Going forward, Vestar will enable us to accelerate our progress towards becoming the global leader by further investing in innovation, product development, and service capabilities.”
“We’re confident that our new partnership with Chris Remy and his outstanding management team will lead to new levels of growth and profitability for MTI,” said Robert Rosner, co-president and founding partner of Vestar. “Demand for retail merchandising display technology and enterprise mobility has a high growth outlook, and within that marketplace, MTI offers the only global, device-agnostic, turnkey solutions platform. This unique position, coupled with an outstanding management team, has primed the Company to take full advantage of the dynamic expansion opportunities at hand.”
Kirkland & Ellis LLP served as legal advisor to Vestar. Taft Stettinius & Hollister LLP served as legal advisor to MTI, and TM Capital served as financial advisor.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm currently managing approximately $5 billion in capital. Specializing in management buyouts and growth capital investments, Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 75 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com
About Hammond, Kennedy, Whitney & Company, Inc.
Founded in 1903 and based in Indianapolis, IN, HKW has evolved from a merchant/investment bank to a leader in the private equity industry. Today, HKW continues to seek investments in companies with solid fundamentals, providing financial transaction expertise and empowering management. The firm has successfully sponsored management buy-outs of companies in a variety of industries, including, more recently: medical devices, specialty vehicles, aerospace, defense, utility related infrastructure, energy, oil/gas, nuclear, coal, and niche manufacturing, among others. In addition to providing capital, HKW has continued to increase its service and support offerings. For more information, please visit http://www.hkwinc.com/
About Mobile Technologies Inc. (MTI)
For nearly 40 years, MTI has been a global leader in mobile device display technologies, developing solutions that deliver the highest level of merchandising security for consumer electronics and mobile enterprise applications allowing products, sales and service to be the focus, while security operates efficiently in the background. MTI is based in Portland, OR, with offices in Europe and Asia. For more information, please visitwww.mobiletechinc.com/