AE Industrial Partners LP, a private equity firm specializing in aerospace, defense and government services, space, power generation, and specialty industrial markets, has acquired HealthWay, a global provider of air purification services for both commercial and residential settings.
The acquisition of HealthWay represents AEI’s 14th platform investment in AE Industrial Partners Fund II LP, which closed in 2018 with $1.36 billion in equity commitments.
“As we learned first-hand over the last 18 months, guaranteeing the purity of indoor air is critically important to getting back to and maintaining ‘everyday’ life, and we are proud to invest in HealthWay, an innovator in the air purification industry,” said Kelly Romano, operating partner at AEI. “The air purification industry is at a long overdue inflection point, and we believe that building a platform featuring HealthWay’s differentiated technology with the global scale to reach all channels, sectors and customers will be a game-changer. With his 40 years of industry experience, Vince is a true leader in the space, and we’re excited to work with him and his team to capitalize on strong industry tailwinds.”
“We’re pleased to join the AE Industrial team and gain the needed resources to further invest in growth and innovation,” said HealthWay co-founder Vince Lobdell. “Ensuring high levels of air quality is now considered a top priority for all organizations, whether it’s a school, office building, hospital or shopping mall. We have an incredible opportunity to leverage AE Industrial’s relationships and business acumen to increase market share and become a household name in air purification.”
“HealthWay has been ahead of the curve in developing the most cutting-edge technology, which has led to its unmatched reputation for quality solutions and proven results among the world’s best known companies,” said Charlie Santos-Buch, partner at AEI. “We’re proud to partner with HealthWay and are eager to capitalize on actionable opportunities to grow the Company.”
Kirkland & Ellis LLP served as legal advisor and Ernst & Young served as financial advisor to AEI. Elias Group LLP served as the legal advisor and Lincoln International served as financial advisor to HealthWay.