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01/07/2004
RockWood Equity Partners LLC, a private equity investment firm based in New York and Cleveland, announced today that it has completed the sale of Hunter Defense Technologies, Inc., Solon, OH, a manufacturer of military and homeland defense products, for aggregate proceeds of approximately $93 million.
Based in Solon, Ohio, Hunter is a leading designer and manufacturer of nuclear, biological and chemical (NBC) collective protection air filters and air filtration systems for military and homeland security applications, as well as highly-engineered heating equipment for military vehicles, tents and shelters.
Since acquiring Hunter in 2000, RockWood has increased the company's position through an internal growth and add-on acquisition strategy focused on expanding its product offerings and entering new markets. In three years, Hunter's revenues grew from $16 million to more than $65 million at the time of sale, making it the market-leading supplier of NBC collective protection filtration and military heating products.
"The Hunter transaction is an excellent example of our 'value-add' approach to investing in middle market companies," said Brett Keith, Principal of RockWood. "During our three-year ownership period, RockWood took an active role in leading Hunter from a family-owned business with a retiring owner, to a focused, high growth, and professionally managed company. RockWood also sourced and closed three important add-on acquisitions for Hunter."
Based in New York City and Cleveland, RockWood Equity Partners LLC was founded in 1999 by Owen M. Colligan and Brett R. Keith. The firm invests in management buyouts, leveraged buildups and recapitalizations of companies in the lower middle market.
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