Charlesbank Capital Partners announced today that it has acquired HDT Global, a leading provider of solutions for government, military, commercial and industrial customers, based in Solon, Ohio. Charlesbank purchased the company from Metalmark Capital, and the existing management team is making a significant co-investment in the transaction. Financial terms were not disclosed.
Founded in 1937, HDT Global holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative solutions include rapidly deployable shelters, sophisticated environmental control and power equipment, and nuclear, biological and chemical protection systems. Among its customers are major branches of the US military, international governments and large industrial companies. HDT Global’s senior executives average over 25 years in the industry.
Sam Bartlett, Managing Director at Charlesbank, said, “We are proud to back this talented management team, which has built a leading portfolio of integrated products and services with an outstanding reputation for technology leadership, innovation, performance and support. We look forward to helping the HDT team continue to enhance its core offerings and expand the business internationally and through acquisitions.”
“We are pleased with the progress HDT has made to become the leading provider of fully integrated, deployable solutions to a variety of end markets during our partnership with the company,” said Jeff Siegal, Managing Director, Metalmark Capital. “We thank HDT’s employees, management and board of directors for their hard work, commitment and valuable contributions, and we wish them the very best in this next chapter.”
Andy Hove, President & CEO of HDT Global, said, “We look forward to accelerating the growth of our business with new capital and are excited to be working with Charlesbank for the next stage of our development. We have an excellent foundation on which to expand our global footprint, and we are committed to continuing to provide comprehensive product offerings and exceptional service to all our customers in new and existing markets.”
Advisors for Charlesbank on the transaction included Houlihan Lokey for financial, Ropes & Gray for legal and PricewaterhouseCoopers for accounting and tax. For HDT, Suntrust and Wells Fargo served as financial advisors and Kirkland & Ellis as legal advisor.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $3 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, visit www.charlesbank.com.
About Metalmark Capital
Metalmark Capital is a leading private equity firm whose principals have a long track record of successful investing in targeted sectors, with particular focus and competence in energy, healthcare and industrials. Metalmark Capital seeks to build long-term value through active and supportive partnerships with the companies and management teams in which it invests. Metalmark Capital is currently investing its latest fund with $2.5 billion of committed capital. For more information, please visit www.metalmarkcapital.com.