AirWorx Construction Equipment has been acquired by Konza Valley Capital Inc.

Hammond, Kennedy, Whitney & Company Inc. (HKW) has sold AirWorx Construction Equipment & Supply, LLC (AirWorx) to Konza Valley Capital, Inc. (KVCI). Financial details have not been disclosed.

AirWorx is a leading US provider of aerial equipment rentals, service and sales in the Midwest. The company operates a fleet of over 600 aerial rental units (scissor, boom and man lifts, and telehandlers) and has grown from two locations to four, each within a 125-mile service radius. As a specialty aerial rental company, AirWorx is a one-stop service provider to its customer base, generating multiple revenue streams. It targets small- to mid-sized customers who do not have the internal resources or experience to own and maintain an aerial fleet. Industrial and non-residential construction end-markets represent 49% and 51% respectively, of top customer sales and account for over 65% of total revenue. Smaller customers across commercial, healthcare, education, infrastructure and retail account for the remainder.

KVCI, based in Kansas City, is a private equity, venture capital, and mezzanine investment firm specializing in small, lower middle market, and mature companies. The firm operates as a small business investment company. KVCI seeks to invest in later-stage expansion financings and participates in acquisitions, ownership transitions, management buyouts, turnarounds, and recapitalizations. It does not restrict its investments in any particular sector but focuses its investment in manufacturing, wholesale or distribution, certain service, retail, and technology related industries. The firm targets companies based in the Midwest region of the USA. KVCI invests in the form of common or preferred stock, convertible preferred stock or notes, common stock warrant or options, and subordinated debentures, while the investments may consist of any combination of these securities. It targets minority stakes in its portfolio companies and prefers to have a seat on the board of directors.

HKW is a private equity firm specializing in investments in later stage, mature, management buyouts of privately owned businesses, subsidiaries, and divisions of corporations and public companies; industry consolidations; corporate divestitures; generational changes in ownership; recapitalization transactions; and growth equity investments. The firm seeks to invest in small middle market companies with low risk of technological obsolescence. HKW is a generalist that seeks to invest in the medical devices, aerospace and defense, water infrastructure, oil and natural gas, telecommunication services, information technology, materials, specialty and recreational vehicles, automation processing equipment, industrial burners and combustion equipment, financials, healthcare, energy, nuclear, coal, niche manufacturing, and utility related infrastructure, with a focus on industrial manufacturing, services, and distribution companies. The firm prefers to invest in companies headquartered in North America.

One of Oaklins' teams in the USA served as the exclusive financial advisor to the seller in this transaction.