PULASKI, N.Y. — Private-equity firm AE Industrial Partners, LP has acquired the Pulaski–based HealthWay Family of Brands, which specializes in air-purification products for both commercial and residential settings.
AE Industrial Partners focuses on the aerospace, defense & government services, space, power generation, and specialty industrial markets.
The acquisition of HealthWay represents AEI’s 14th platform investment in its AE Industrial Partners Fund II, LP, which closed in 2018 with $1.36 billion in equity commitments, per a news release on the HealthWay website. No financial terms for the acquisition were disclosed.
Founded in 2004, HealthWay is a family-owned and operated firm that says it “has seen tremendous growth.” To continue facilitating growth and investment in innovations in indoor air quality, HealthWay says it has joined forces with AEI.
“We’re pleased to join the AE Industrial team and gain the needed resources to further invest in growth and innovation,” Vince Lobdell, CEO and chairman of HealthWay, said. “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.”
Vinny Lobdell, Jr., president of HealthWay added that “the time was right to find a partner who could help us reach the next level, and AE Industrial has the industry and operational expertise, and deep relationships needed to build a premier global air purification technology solutions platform.”
The news release didn’t say how many employees currently work at HealthWay. As of November 2013, the company employed 45 in Pulaski and another 135 internationally, according to an article in The Central New York Business Journal.
AEI considers the acquisition of HealthWay to be a platform investment and plans to work alongside the management team to reach global channels, sectors, and customers.