Harris Williams Advises Protective Industrial Products, Inc. on its Sale to Odyssey Investment Partners, LLC

January 5, 2021

Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Protective Industrial Products, Inc. (PIP), a portfolio company of Audax Private Equity (Audax), on its sale to Odyssey Investment Partners, LLC (Odyssey). PIP is a leading global provider of high performance personal protective equipment (PPE) and industrial safety products. The advisory engagement was led by Tim Webb and Shinik Patel of the Harris Williams Industrials Group and Brian Lucas of the firm’s Business Services Group.   

“Joe Milot, president and CEO of PIP, and the rest of the PIP team have built a world class safety platform with an impressive long-term track record of growth,” said Tim Webb, a managing director at Harris Williams. “We continue to see strong investor interest in the PPE and industrial safety sectors and are excited to follow PIP’s future success with their new partner in Odyssey.”

“It has been a true pleasure to partner with the Audax team and we are thrilled to have supported them in such an important transaction,” said Brian Lucas, a managing director at Harris Williams. “This deal once again reflects our ability to leverage our firm’s expertise across industry verticals, allowing us to provide unique insights and guidance tailored to the needs of our clients.”

PIP is a leader in providing innovative PPE to wholesalers and distributors in the industrial channels. PIP, along with its recognized leading brands: G-Tek, Bouton, Ironcat, Assurance, Kut-Gard, CleanTeam, QRP, Ambi-Dex, Dynamic, Maximum Safety, Novax, JSP, and Boss are relied upon for personal protection by workers every day. PIP’s West Chester division offers safety products to leading retail customers under the Safety Works, Boss, Brahma, Mud, West County Gardener, and Hearos brands, as well as some of the world's most recognized licensed brands.

Audax is a leading alternative investment manager with offices in Boston, New York and San Francisco. Since its founding in 1999, the firm has raised over $27 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 135 platforms and over 900 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations and significantly increase equity value. With more than 250 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies.

Odyssey, with offices in New York and Los Angeles, is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers to transform middle market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority controlled investments in industries with a long-term positive outlook and favorable secular trends.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Industrials Group has experience across a variety of sectors, including advanced manufacturing; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams website.

The Harris Williams Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. For more information on the firm’s Business Services Group and other recent transactions, visit the Business Services Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.