HKW takes controlling stake in Airworx

May 22, 2008

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.

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