22.05.2008

Airworx changes hands

Hammond Kennedy Whitney & Co (HKW) an Indianapolis-based private equity firm that specialises in Management Buy-Outs, has bought a controlling interest in Airworx Construction Equipment and Supply the Indianapolis based aerial lift sales and rental company.
Please register to see all images

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 around 50 employees, split between two locations in Indianapolis and Warsaw in northern Indiana.

The company anticipates using the capital infusion coming as part of from the deal to expand its fleet. It also intends to open a Cincinnati office, followed by a branch in Louisville, Kentucky.

Kagy is staying with the company and will continue to manage it.