ST. LOUIS--HBM Holdings (“HBM”) announced today that it has acquired Aerofil Technology, Inc. (“Aerofil”) headquartered in Sullivan, Missouri. Founded in 1988, Aerofil is a contract manufacturer that fills aerosol and liquid containers for industry-leading brands across a wide set of industries and applications. The company was recently named as one of the St. Louis Business Journal’s Top 150 Privately-Owned Companies.
“With its remarkable culture of continuous improvement, laser-focus on delivering value to customers, and a growth strategy that provides great opportunities to employees, Aerofil is an exciting addition to the HBM portfolio,” said Mike DeCola, CEO of HBM. “These principles align with our model of investing for long-term, sustainable growth and performance, and we look forward to working alongside the Aerofil team to implement their vision.”
A key component of Aerofil’s growth and customer retention strategy is the ability to apply world class lean manufacturing practices, with an overarching philosophy of providing superior service. With daily tech-enabled communication from its customers’ distribution centers, Aerofil schedules its production lines based on end-user consumption and current demand. Customers benefit from reduced inventory, shortened lead times and substantial cost savings.
Aerofil’s aerosol and liquid packaging capabilities provide valuable solutions to customers across the automotive, personal care, household and insecticide segments. In 2012, the company’s Liquid Line 6 was recognized as one of the top ten packaging lines in the U.S. by Packaging Digest. In 2016, Aerofil was awarded the “Supplier of the Year” by 3M.
Bob Dunaway, Chairman and CEO of Aerofil, commented, “From our earliest conversations, HBM sought to understand our business, the value we bring to customers, and our emphasis on creating a positive work environment for our employees. We are thrilled to have found a partner—and neighbor in the St. Louis area—that shares our focus on lean manufacturing excellence and will support our next chapter of growth.”
Mr. Dunaway will remain as CEO of Aerofil. Daniel Wright, current VP Corporate Development for HBM, has been named President and COO. In addition to his prior experience running a global chemical company segment and in corporate development, Mr. Wright has overseen the successful acquisition of two new platform companies during his tenure with HBM. HBM intends to leverage the lean manufacturing expertise of Pat Bergin (current President of Aerofil) across our portfolio of companies.
HBM also announced that Breen Energy Solutions, a portfolio company acquired in 2015 that provides emissions measurement and mitigation technologies to the utility and boiler markets, will be fully integrated into the operations of Mississippi Lime.
Terms of the Aerofil transaction were not disclosed.
ABOUT HBM HOLDINGS
HBM Holdings is an investment and management company that acquires, supports, and operates middle-market businesses in industrial products and services. The firm’s strategy is to grow a diversified portfolio using a long-term buy and build approach. HBM provides our portfolio companies with professional management expertise, financial resources, and high potential human capital to accelerate their growth. HBM invests in high-performing companies in the specialty-manufacturing sector, specifically in industrial equipment and components, energy equipment, transportation equipment (excluding light automotive) and chemical and minerals. HBM’s portfolio of companies includes Mississippi Lime Company, Delavau LLC, Tru-Flex LLC, Schafer Industries and Aerofil Technology, Inc. For additional information, please visit www.hbmholdings.com.
ABOUT AEROFIL TECHNOLOGY, INC.
Founded in 1988, Aerofil Technology, Inc. is a privately held company that provides contract manufacturing services for aerosol and liquid packaging for the automobile, personal care, household and insecticides industries. Headquartered in Sullivan, Missouri, Aerofil has over 500 employees, eleven production lines and 520,000 square feet of manufacturing space. For more information about Aerofil, visit www.aerofil.com.