Intrepid announced today that it acted as the exclusive advisor to Protective Industrial Products, Inc. (PIP), a portfolio company of Audax Private Equity, on its acquisition of Hamburg, N.Y.-based Worldwide Protective Products (WPP), a leading manufacturer of cut-resistant knit gloves. Founded in 1984, Latham, N.Y.-based PIP is one of the leading suppliers of personal protective equipment to industrial distributors globally. The acquisition solidifies PIP’s position as a North American market leader of hand protection and general safety products, allowing the company to expand its domestic manufacturing capabilities, product offering, and channel penetration.
“The Intrepid team invested time to understand our acquisition growth strategy and showed creativity, thoroughness, and tenacity in turning every stone to find strong acquisition candidates and bring them to the table,” said Joe Milot, President and CEO of PIP. “Intrepid’s Buy-Side Advisory team delivered a high-quality set of actionable acquisition candidates, with WPP being a prime example of targets that bring strong complementary attributes to our business.”
“We are thrilled to have advised PIP on its journey to find valuable partners to help accelerate its growth. WPP has established itself as a leading provider of personal protective equipment (PPE), offering distributors and end-users a comprehensive suite of safety products in the cut protection category,” said Joseph Husband, Director of Business Development at Intrepid. “The depth of WPP’s portfolio in the cut resistance products category is what sets it apart from its competitors, helping PIP consolidate its place as a market leader in the PPE and hand protection space,” commented Ian McCarthy, Business Development Associate at Intrepid.
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Founded in 1999, the firm has raised more than $25 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested more than $5 billion in over 125 platforms and 775 add-on companies.
Intrepid’s Buy-Side Advisory team assists private equity sponsors and strategic acquirers with acquisition searches for highly complementary targets.
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About Intrepid Investment Bankers
Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage breeds a culture that embraces teamwork, tenacity and creativity to help our clients win big. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.