Wholly owned ESOP company Houchens Industries announced Dec. 19 that it has agreed to acquire Louisville, Kentucky-based Air Hydro Power, an industrial distributor of motion control and fluid power solutions including automation, robotics, pneumatics, hydraulics, electrical motors and hose fittings.
The deal is expected to close in January 2023, Houchens said. Financial terms were not announced.
AHP’s majority owners — Matt Ott, Tom McGuire and Dick Beaven — will “remain involved in the business post-close,” Houchens said. Ott and McGuire will stay in their current roles overseeing operations and sales, while Beaven will transition into a key account sales role.
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AHP serves more than 5,000 customers from its locations in Kentucky, Indiana, West Virginia, Alabama, Mississippi and Florida.
“We are thrilled to partner with the AHP management team who has an employee and customer centric approach that mirrors that of Houchens,” said Dion Houchins, CEO at Houchens. “They have built an exceptional business, and we couldn’t be more excited that it is based right here in our home state of Kentucky and in the city of Louisville, where we plan to further invest going forward. This investment further diversifies our ESOP, which is critical to our sustained success.”
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