Wind Point Partners has acquired Handgards, a manufacturer of disposable products used in the foodservice sector.
Handgards’ branded and private label products – sold through an independent sales representative network – include more than 200 types of gloves, bags, protective apparel and flexible packaging that are sold to broadline distributors, group purchasing organizations and national foodservice accounts. The company has more than 300 employees at its 250,000 square foot facility and headquarters in El Paso, Texas.
Wind Point is partnering with industry executive Joe Kubicek on the buy of Handgards and he now becomes the company’s CEO. From 2014 to 2019, Mr. Kubicek was the president of Ansell’s (ASX: ANN) global healthcare business which manufactured surgical gloves, exam gloves, and other consumables used in the healthcare, industrial and life sciences markets.
Earlier, from 2007 to 2014, he was the CFO and COO of BarrierSafe Solutions, an Illinois-based maker of disposable gloves and protective footwear used in non-acute healthcare and industrial applications. BarrierSafe was a portfolio company of Linden Capital and The Edgewater Funds from 2007 to 2011. Odyssey Investment Partners acquired BarrierSafe in 2011 and sold it to Ansell in 2014.
“I am excited to join Handgards and work alongside the company’s top-caliber management team,” said Mr. Kubicek. “The team has built a tremendous business, and they are the core driver of Handgards’ stellar reputation. The company’s safety-oriented product offering is increasingly critical to its customers’ operations, and we will remain dedicated to supporting our customers’ growth by supplying the highest quality products coupled with industry-leading service.”
“Handgards represents another example of Wind Point’s ability to partner with a successful middle-market company in need of a leadership succession plan,” said Paul Peterson, a managing director at Wind Point. “Handgards has demonstrated impressive organic growth, driven by its unique collaborative culture and a strategic vision developed by the company’s late CEO, Bob McLellan. We will remain committed to continuing Bob’s legacy by investing further in the company’s growth while staying true to its values and collaborative culture.”
Chicago-based Wind Point invests from $50 million to $100 million in companies with EBITDA of at least $10 million. Industries of interest include business services, consumer products and industrial products. Wind Point is currently investing out of Wind Point Partners IX LP which began fundraising in 2019.
BKD provided transaction advisory services to Wind Point on this transaction and Kirkland & Ellis provided legal services.
Private Equity Professional | October 16, 2020
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