AE Industrial Partners Acquires HealthWay, a Global Leader in Air Purification Technology Solutions

BOCA RATON, Fla., Sept. 30, 2021 /PRNewswire/ -- AE Industrial Partners, LP ("AEI"), a private equity firm specializing in Aerospace, Defense & Government Services, Space, Power Generation, and Specialty Industrial markets, announced today that it has acquired HealthWay (or the "Company"), a global leader in air purification solutions for both commercial and residential settings. HealthWay will serve as a new platform investment for AEI as the firm looks to invest in the indoor air quality solutions space. The acquisition of HealthWay represents AEI's 14th platform investment in AE Industrial Partners Fund II, LP, which closed in 2018 with $1.36 billion in equity commitments.

HealthWay is an innovator in air purification technology solutions, developing new and improved ways to ensure the purity of indoor air while maximizing energy efficiency. The Company provides a comprehensive offering of modular, scalable, efficient, portable and in-line air cleaning solutions for any indoor environment, as well as replacement filters. HealthWay's proprietary solutions feature its patented, state-of-the-art Disinfecting Filtration System (DFS) technology, which has been proven to capture and permanently remove airborne viruses and bacteria. The Company's solutions are used in a wide variety of settings where air quality is critical including schools, hospitals and healthcare settings, medical and manufacturing clean rooms, hotels, cruise ships, office buildings, and military locations. HealthWay brings its air purification technology solutions to market under three brands – HealthWay, Intellipure, and Pure Wellness – with each brand going to market independently and targeting unique customers and verticals. Based in Pulaski, New York, HealthWay is led by its founders Vince Lobdell and Vinny Lobdell, both of whom will remain with the Company.

AEI has also partnered with key industry executives to support HealthWay's growth and will be strengthening its Board of Directors with the addition of Kelly Romano as Chairwoman of the Board, and Ed Cettina as Board Member. Ms. Romano, an AEI Operating Partner, has deep sector experience in the indoor air quality space, including over 30 years in executive roles at United Technologies Corporation (UTC). Mr. Cettina most recently was the Global COO of the Construction Management business of AECOM, and previously worked for 24 years in senior roles at Tishman Construction.

"As we learned first-hand over the last 18 months, guaranteeing the purity of indoor air is critically important to getting back to and maintaining 'everyday' life, and we are proud to invest in HealthWay, an innovator in the air purification industry," said Kelly Romano, Operating Partner at AEI. "The air purification industry is at a long overdue inflection point, and we believe that building a platform featuring HealthWay's differentiated technology with the global scale to reach all channels, sectors and customers will be a game-changer. With his 40 years of industry experience, Vince is a true leader in the space, and we're excited to work with him and his team to capitalize on strong industry tailwinds."

"We're pleased to join the AE Industrial team and gain the needed resources to further invest in growth and innovation," said Vince Lobdell. "Ensuring high levels of air quality is now considered a top priority for all organizations, whether it's a school, office building, hospital or shopping mall. We have an incredible opportunity to leverage AE Industrial's relationships and business acumen to increase market share and become a household name in air purification."

"The time was right to find a partner who could help us reach the next level, and AE Industrial has the industry and operational expertise, and deep relationships needed to build a premier global air purification technology solutions platform," said Vinny Lobdell.

"HealthWay has been ahead of the curve in developing the most cutting-edge technology, which has led to its unmatched reputation for quality solutions and proven results among the world's best known companies," said Charlie Santos-Buch, Partner at AEI. "We're proud to partner with HealthWay and are eager to capitalize on actionable opportunities to grow the Company."

Kirkland & Ellis LLP served as legal advisor and Ernst & Young served as financial advisor to AEI. Elias Group LLP served as the legal advisor and Lincoln International served as financial advisor to HealthWay. Terms of the transaction were not disclosed.

About HealthWay
Founded in 2004, HealthWay is a leader in innovative air purification technology solutions. The company's industry-leading, patented Disinfecting Filtration System (DFS) technology is used in schools, cleanroom applications, hospital surgical suites, commercial office buildings, hotels, and many mission-critical environments around the globe. For more information, please visit www.healthway.com.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power generation, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from our deep industry knowledge, operating experience, and relationships throughout our target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment. Learn more at www.aeroequity.com.

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SOURCE AE Industrial Partners

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