Middle market private equity firm
Hammond, Kennedy, Whitney & Company
- HeadquartersIndianapolis, IN S3
- Founded1903 S3
- Websitehkwinc.com
- Last verifiedOctober 26, 2026
At a glance
| Latest fund | HKW Capital Partners V, $365M (Oct 2019) S5 |
|---|---|
| EBITDA range | $3M to $30M S2 |
| Deal types | Platform, Add-on S1 |
| Geography | US, Canada S2 |
| Sectors | Industrial & Manufacturing, Distribution, IT Services & MSP, Environmental & Waste, Software & SaaS, Consumer & Food, Accounting & Professional Services |
What Hammond, Kennedy, Whitney & Company buys
Hammond, Kennedy, Whitney & Company, which goes by HKW, is an Indianapolis private equity firm with a New York office. It traces its roots to a New York merchant bank started in 1903 and did its first management buyout in 1982. It buys control of growth-oriented companies in the US and Canada in three areas: manufacturing, distribution and business services, including industrial technology. Its target is $3 million to $30 million of EBITDA, and typical situations are family generational changes, management buyouts, recapitalizations, industry roll-ups and corporate carve-outs. It wants managers who will own equity alongside it.
HKW says it has sponsored 74 platforms and 82 add-ons since 1982, and its sourcing team reviews more than 1,000 companies a year. Its last announced fund is the $365 million HKW Capital Partners V, closed in 2019. Recent platforms include Sepratech, a Gulf Coast industrial wastewater service firm, and the family-owned AliMed and EEE. Smaller companies can also join a current holding: CMIT Solutions, its managed IT franchisor, bought two regional MSPs in 2025.
Recent deals
Announced in the 24 months before October 26, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Apr 2026 | Nomad GoodsSanta Barbara maker of premium phone and smartwatch accessories added to Urban Armor Gear | Add-on | Consumer & Food | Source |
| Mar 2026 | Watershield IndustriesColorado and Kansas maker of firefighting vehicles, nozzles and valves; plans add-ons in fire and rescue equipment | Platform | Industrial & Manufacturing | Source |
| Feb 2026 | Handling Systems and ConveyorsDesigner, builder and servicer of cranes, hoists and conveyors for aerospace, defense and industrial plants | Platform | Industrial & Manufacturing | Source |
| Jan 2026 | Endpoint Industrial ControlsLoveland, Colorado low-voltage electrical products maker merged into EEE; its leaders stay in place | Add-on | Industrial & Manufacturing | Source |
| Aug 2025 | AliMedRecapitalization with the founding Cherubini family of a Dedham, Massachusetts medical products company | Platform | Distribution | Source |
| Jul 2025 | Sepratech Liquid SolutionsIndustrial water and wastewater treatment service provider in Gonzales, Louisiana serving the Gulf Coast | Platform | Environmental & Waste | Source |
| Jul 2025 | Technical ToolboxesPipeline integrity software company sold to BVP Forge after a 42-month hold | Exit | Software & SaaS | Source |
| Jul 2025 | Electric Equipment & Engineering Co. (EEE)Denver maker of electrical power distribution products, bought from the third generation of the founding family | Platform | Industrial & Manufacturing | Source |
| Jun 2025 | Wright Technology GroupSouthern Massachusetts managed service provider added to CMIT Solutions; its president stays on | Add-on | IT Services & MSP | Source |
| Feb 2025 | Velox SystemsCentral Oregon managed service provider with CMMC expertise added to CMIT Solutions; its CEO stays on | Add-on | IT Services & MSP | Source |
Portfolio by sector
From the firm's portfolio page S4.
Business Services
- CIS Secure
- Civix
- Culture Partners
- JMFA (John M. Floyd & Associates)
- TRSB
Health & Wellness
- Allied Vision Group
- Golden Country
- Indigo Wild
- Infab
- PANOS brands
Industrial Manufacturing
- Electric Equipment & Engineering Co. (EEE)
- Handling Systems and Conveyors
- Sepratech Liquid Solutions
- Watershield Industries
Medical Distribution
- AliMed
Technology
- CMIT Solutions
- dominKnow
- Draup
Other
- Urban Armor Gear (UAG)
Greymont’s take
How Hammond, Kennedy, Whitney & Company fits a seller
HKW fits owners of industrial manufacturers, distributors and business services companies who want a control sale and are willing to roll some equity. It often buys from families: AliMed was recapitalized with the founding Cherubini family in 2025, and EEE had been owned by the third generation of the Morroni family. Owners of small managed IT providers are a natural match for CMIT Solutions, whose two 2025 add-ons kept the selling leaders on board.
HKW plans the exit from the day it closes and runs a formal exit committee, so a seller who rolls equity should expect another sale within a few years; it held Technical Toolboxes for 42 months. Owners should ask which HKW entity and what capital would fund the deal, since the firm marks several recent platforms as companies of HKW Management, LLC rather than of HKW itself.
Questions owners ask
What size companies does HKW buy?
Its investment criteria target companies with $3 million to $30 million of EBITDA headquartered in North America, in the manufacturing, distribution and business services sectors.
Does HKW buy managed IT service providers?
Yes, through CMIT Solutions, a managed services franchisor in its portfolio. CMIT bought Velox Systems in Oregon in February 2025 and Wright Technology Group in Massachusetts in June 2025, and both leaders stayed on.
Does HKW invest in environmental or water services?
Yes. In July 2025 it bought Sepratech Liquid Solutions, an industrial water and wastewater treatment service company based in Gonzales, Louisiana that serves customers across the Gulf Coast.
Does HKW only do control deals?
Its stated target is control equity buyouts, though its site notes that actual deal structures can differ. Its recent announced platforms were all acquisitions or recapitalizations.
Sources
- S1HKW home page Accessed October 26, 2026
- S2HKW: Investment Criteria Accessed October 26, 2026
- S3HKW: Foundations and History Accessed October 26, 2026
- S4HKW: Portfolio Companies Accessed October 26, 2026
- S5HKW Closes Above Target with $365 Million of Commitments in Latest Fund (October 2, 2019) Accessed October 26, 2026
- S6Urban Armor Gear Announces Acquisition of Nomad Goods (April 27, 2026) Accessed October 26, 2026
- S7HKW Acquires Sepratech Liquid Solutions (July 14, 2025) Accessed October 26, 2026
- S8HKW Partners with AliMed (August 4, 2025) Accessed October 26, 2026
- S9CMIT, an HKW portfolio company, has acquired Velox Systems (February 12, 2025) Accessed October 26, 2026
- S10HKW Announces Sale of Technical Toolboxes (July 10, 2025) Accessed October 26, 2026
- S11HKW portfolio: CMIT Solutions Accessed October 26, 2026
- S12HKW Insights (press releases) Accessed October 26, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Hammond, Kennedy, Whitney & Company. Figures are as reported on the dates shown and may have changed. Request a correction