Private equity firm Odyssey Investment Partners on Monday announced it has agreed to acquire PPE and industrial safety product supplier Protective Industrial Products Inc. (PIP) from Audax Private Equity. Financial terms of the deal weren’t disclosed.
Founded in 1984 and headquartered in Latham, New York, PIP was acquired by Audax in February 2018. Joe Milot, president and CEO of PIP, will continue to lead the company alongside the existing management team. The Milot and Tao families, the founders of PIP, will continue to maintain a significant ownership position in the company.
“The acquisition of PIP builds on Odyssey’s history of investing in the PPE and industrial safety sectors,” said Craig Staub, a senior managing principal at Odyssey. “PIP, over many years, has a proven track record of product innovation and differentiated service to its customers across multiple segments and channels. We are delighted to partner with Joe and the entire PIP® team to execute on our shared growth vision in the years to come.”
“Our new partnership with Odyssey is an exciting new catalyst to capitalize on the tremendous potential in the PPE marketplace,” said Milot. “For decades, PIP has been devoted to serving customers with comprehensive offerings and the highest standard of service, and has assembled a world-class portfolio of brands and products. Odyssey is aligned with our values and our strategy to become the leading global provider of industrial safety products and solutions.”
Latham & Watkins, LLP served as legal adviser to Odyssey, and KPMG served as financial adviser.