Wind Point Partners Announces Sale Of Handgards To Wynnchurch Capital
Chicago, Ill., April 16, 2024 – Wind Point Partners (“Wind Point”), a Chicago-based private equity firm, announced today it has sold portfolio company Handgards, Inc. (“Handgards” or the “Company”) to Wynnchurch Capital, an Illinois-based private equity firm.
Based in Texas, Handgards is a leading North American manufacturer and supplier of disposable food safety and hygiene-oriented products for the foodservice industry. The Company sells its product portfolio to an extensive base of broadline distributors, group purchasing organizations and national foodservice accounts.
Wind Point acquired Handgards in 2020 in partnership with Joe Kubicek, who joined the Company as CEO. Mr. Kubicek brought significant experience leading manufacturing businesses that supply single-use gloves and other consumables, having most recently served as President of Ansell’s Global Healthcare business. Wind Point also partnered with Pat Larmon, a member of Wind Point’s Executive Advisor Partner (“EAP”) program, who joined as Board Chair. Mr. Larmon recently served as President and CEO of Bunzl Distribution, North America, a publicly traded multinational distribution and outsourcing company. Mr. Kubicek and Handgards management will continue to lead the business under new ownership.
Mr. Kubicek stated, “I would like to thank Wind Point for their tremendous support over the last three and a half years. Together we successfully built a market-leading business that is well positioned to continue serving our customers, employees and all stakeholders. The team at Handgards looks forward to continuing to scale the platform in our next phase of growth.”
Paul Peterson, Managing Director at Wind Point, commented, “Handgards is a great example of Wind Point’s executive-oriented strategy at work. Pat and Joe were highly strategic and valued partners to Wind Point from day one, with Joe doing a fantastic job of guiding a successful leadership transition and unlocking identified opportunities for value creation. This was a terrific partnership and we are thankful to the Handgards leadership team for helping us deliver a strong outcome for our investors.”
Peter Leemputte, Principal at Wind Point, noted, “Our collective vision for Handgards was to build a best-in-class North American supplier of food safety products. Joe and his team delivered by expanding the Company’s product offerings, channel distribution and customer reach, while also navigating unprecedented market conditions following COVID-19. Through a combination of organic growth, two strategic add-on acquisitions and operational improvements, Handgards’ revenue and EBITDA more than doubled and profitability improved under our ownership.”
Wind Point is an active investor in foodservice, packaging and distribution-related businesses, with select prior and current investments including Novolex, Pestell Nutrition and FreshEdge.
Kirkland & Ellis LLP served as legal advisor to Handgards in the transaction. KeyBanc Capital Markets acted as financial advisor. Forvis, LLP provided financial due diligence support.