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Co-founders of PIP Global Partner with Audax Private Equity in Recapitalization of Company

Feb 1, 2018
Joint Press Release

BOSTON - (BUSINESS WIRE) - February 1, 2018 - Audax Private Equity ("Audax") today announced that it has partnered with the Milot and Tao families, co-founders of Protective Industrial Products Global Holdings Inc. ("PIP Global"), to re-capitalize the company, a leading global supplier of hand protection products and other consumable personal protective equipment ("PPE"). Joe Milot will continue as President and CEO of PIP Global and both the Milot and Tao families will retain significant ownership interests in the Company. Terms of the transaction were not disclosed.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said "PIP Global is a recognized leader in the consumable safety products market that has grown significantly during the last three decades. We look forward to supporting Joe Milot, his family, the Tao family and the entire PIP Global team to continue growing the business organically and through acquisitions."

PIP Global, headquartered in Latham, NY, is a leading, globally recognized, industrial safety platform providing an unparalleled product portfolio, the largest and most experienced sales force in the Industry, recognized unsurpassed service, and leading-edge marketing programs. The Company offers one of the broadest suites of PPE, including hand and arm, eye, head, hearing, body, and respiratory protection. PIP's products include such widely recognized brands such as G-Tek®, Bouton® Optical, Safety Works®, Ambi-dex®, Assurance®, Falcon®, Kut-Gard®, and Maximum Safety®. PIP Global partners in certain markets with leading innovators such as ATG®, JSP®, Pacific Helmets®, E-Flare®, and Hellberg®. For more information, visit www.pipglobal.com.

Joe Milot, President & CEO of PIP Global, said "We're excited to partner with Audax as we continue to build the PIP platform and truly become the global go-to supplier to distributors, dealers, and retailers for all their consumable PPE requirements. Audax' resources will help us accelerate our growth as we expand into new geographies, end markets, and product lines."

EC Mergers and Acquisitions acted as exclusive financial advisor and Bond, Schoeneck & King, PLLC served as legal counsel to PIP Global, and the Milot and Tao families. Kirkland & Ellis LLP served as counsel to Audax.

ABOUT THE COMPANIES

PIP Global is a leading supplier of Hand Protection and Personal Protective Equipment to wholesalers and distributors worldwide. With locations throughout North and South America, Europe and Asia, PIP's mission of "Bringing the Best of the World to You®" is fulfilled everyday by providing best-in-class safety products worldwide. Additional information about PIP Global is available at www.pipglobal.com or by contacting Joe Milot, President & CEO, 518-595-1518.

Audax Private Equity has been focused on building leading middle market companies since its founding in 1999. Audax has invested $4.5 billion in 113 platform and 645 add-on companies. 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. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has over $11.5 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com, or contact Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, 617-859-1503.

SOURCE: https://us.pipglobal.com/archive/press-releases/20180201-PIP-Global-Partner-with-Audax-Private-Equity.pdf

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