HKW takes controlling stake in Airworx

Hammond Kennedy Whitney & Co. has bought a controlling interest in Airworx Construction Equipment and Supply LLC, an Indianapolis company that rents and sells aerial lift equipment, for an undisclosed price.

Selling the stake in the 12-year-old company was Source Capital of Atlanta.

Airworx has about 50 employees in Indianapolis and the northern Indiana town of Warsaw. With a capital infusion resulting from the transition, the company anticipates expanding its fleet; it also is opening a Cincinnati office and plans an office in Louisville, Ky.

Hammond Kennedy CEO Glenn Skolnik would not provide specifics, but placed the total value of the company above $15 million.

Hammond Kennedy is an Indianapolis-based private equity firm that specializes in investing in management buy-outs. Airworx CEO Richard Kagy is staying with the company.

The deal closed May 15.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.