Private Equity Firm Purchases Airworx Construction Equipment
June 4, 2008 • Hammond Kennedy Whitney & Co. (HKW), an Indianapolis, Ind.-based private equity firm, has bought a controlling interest in Airworx Construction Equipment and Supply, an Indianapolis-based aerial lift sales and rental company.
HKW purchased its shareholding from Source Capital of Atlanta for a price that is thought to value the company at over $15 million, although no details of the transaction have been released.
Airworx was founded 12 years ago by President Dick Kagy and has about 50 employees, split between two locations inIndianapolis and Warsaw in northern Indiana
The company anticipates using the capital from the deal to expand its fleet. It also intends to open aCincinnati , Ohio , office, followed by a branch in Louisville , Ky.
HKW purchased its shareholding from Source Capital of Atlanta for a price that is thought to value the company at over $15 million, although no details of the transaction have been released.
Airworx was founded 12 years ago by President Dick Kagy and has about 50 employees, split between two locations in
The company anticipates using the capital from the deal to expand its fleet. It also intends to open a
