Hy-Tek Material Handling, Inc. and WorldSource Integration, Inc. have been acquired jointly by Dunes Point Capital, LP (“DPC”) to form Hy-Tek Holdings, a material handling automation integrator serving clients in diverse end-markets and applications, including eCommerce, third-party logistics, and parcel. The acquisition was announced by Hy-Tek Holdings CEO Sam Grooms.
Columbus, Ohio-based Hy-Tek Material Handling is the premier single-source provider of material handling solutions. WorldSource, headquartered in Nashville, TN, is a material handling automation integrator. Under the Hy-Tek Holdings umbrella, Hy-Tek and WorldSource will offer expanded products and services to the material handling industry. The two companies will continue to operate under their respective names. Management structures and operations, including 500-plus employees and eight facilities remain in place.
“DPC’s acquisition of Hy-Tek and WorldSource makes us the predominant player in material handling, positioning us to deliver unmatched best-in-class solutions to the material handling and integrated systems (IS) industries,” said Grooms. “Hy-Tek and WorldSource share values, passion, and entrepreneurial spirit. We are committed to working hand-in-glove to solve problems and deliver top-notch results.”
“We’re excited to be part of Hy-Tek Holdings,” said WorldSource President Devin Neuneker. “Together, Hy-Tek and WorldSource create a bigger, stronger, deeper entity with the experience and expertise to meet the needs of material handling and IS customers now and in the future. We stand ready to tackle complex projects large and small with our unsurpassed technology, turnkey solutions, and first-class talent.”
Alantra, a global financial advisory firm with M&A expertise in the industrial automation and material handling sectors, served as financial advisor to both sellers. The debt for the transaction was provided by M&T Bank. Ropes & Gray LLP served as legal advisor to DPC, and Alvarez & Marsal LLC’s Global Transaction Advisory Group served as financial advisor to DPC.
