(January 7, 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., 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.”