HKW, a middle-market private equity firm focused on growth-oriented companies, has sold Gatekeeper Systems (Gatekeeper) to Graham Partners, Inc.
Gatekeeper offers a product suite of intelligent cart solutions to minimise merchandise loss and reduce asset and labour expenditures.
“Given Gatekeeper’s industry expertise, their emphasis on advanced technologies, and the potential for both organic and strategic expansion, this opportunity fit well with HKW’s focus on supporting the growth and development of strong management teams in the business services space,” says Mike Foisy, Chairman of Gatekeeper’s Board of Directors and Lead Operations Partner at HKW. “We are extremely proud of the strategic partnership we developed with the Gatekeeper team and wish them well as they move forward with their next phase of growth.”
HKW, which partnered with Gatekeeper’s founders and acquired a controlling interest in the company in September 2016, was attracted to Gatekeeper’s value proposition and untapped potential for growth.
“HKW played a critical role in understanding, supporting, and helping to shape our long-term vision,” said Robert Harling, President and CEO of Gatekeeper. “They provided the resources that allowed us says invest in the development of cutting-edge technologies and the capital to support our growth and acquisition strategies, both in the US and internationally.”
Harling was the CEO of Carttronics, a primary competitor to Gatekeeper, before Carttronics was acquired by Gatekeeper in 2017. Throughout the hold period, HKW supported existing customer growth, strategic acquisitions, technology advancements, and international expansion, among other key initiatives.
“Gatekeeper is a great platform for add-ons and we were pleased to provide the resources and capital required to complete three acquisitions,” says Chris Eline, Principal at HKW. “This strategy helped us develop new technologies and quickly push Gatekeeper solutions to new markets, especially internationally.”
Cowen Inc. served as financial advisor and Taft Stettinius & Hollister LLP served as legal advisor to HKW in connection with this transaction.
