INDIANAPOLIS--(BUSINESS WIRE)--HKW, a middle-market private equity firm focused on growth-oriented companies, today announced the sale of portfolio company Xirgo Technologies, LLC (“Xirgo”), to Sensata Technologies (NYSE: ST). Xirgo, headquartered in Camarillo, CA, is a provider of customized IoT solutions for various industry verticals, including insurance telematics, fleet management, asset tracking, monitoring & control, transportation logistics & mobility.
“This journey with HKW has truly met our needs, and we are grateful for their partnership,” said Shawn Aleman, CEO at Xirgo. “HKW was able to assist us in getting Xirgo to the next level. We appreciate their support in helping us elevate to where it is today.”
HKW partnered with Xirgo in December 2016, attracted to its founder-owned management team, customer relationships, and industry growth prospects. During the investment period, Xirgo completed two add-ons acquisitions, including Baltic Care Equipment based in Kaunas, Lithuania, and Owlcam based in Palo Alto, CA.
“We are excited for Xirgo and its new partnership with Sensata,” said Luke Phenicie, former Chairman of Xirgo’s Board of Directors and Lead Transaction Partner at HKW. “Xirgo is a special company, and it has been a pleasure to partner with Shawn (Aleman), Roberto Piolanti, and the entire Xirgo management team on several growth initiatives in recent years. We are extremely proud of the work we’ve completed together and wish them success as they enter their next phase.”
Harris Williams served as the financial advisor, and Taft Stettinius & Hollister LLP served as legal advisor to HKW.
HKW is a middle-market private equity firm investing in companies with talented management teams in the US and Canada. HKW targets companies in the Business Services, Health & Wellness, and Technology sectors. Since 1982, HKW has sponsored 63 platform transactions of lower middle-market companies throughout North America, as well as 70 add-on acquisitions. For more information on HKW, please visit hkwinc.com.