Protective Industrial Products, Inc. to Acquire Honeywell’s Personal Protective Equipment Business
Protective Industrial Products (PIP) has announced a definitive agreement to acquire Honeywell's Personal Protective Equipment Business (PPE), including major brands like Fendall, Fibre-Metal, Howard Leight, and others. The PPE Business operates in over 25 distribution and manufacturing locations globally. The acquisition will expand PIP's brand portfolio and geographic reach, enhancing its ability to serve customers worldwide. Michael Garceau will continue as President of the PPE Business, reporting to PIP CEO Curt Holtz. The transaction is expected to close in the first half of 2025, subject to customary conditions.
Protective Industrial Products (PIP) ha annunciato un accordo definitivo per acquisire il business di Equipaggiamento di Protezione Personale (PPE) di Honeywell, inclusi marchi importanti come Fendall, Fibre-Metal, Howard Leight e altri. Il business PPE opera in oltre 25 sedi di distribuzione e produzione a livello globale. L'acquisizione amplierà il portafoglio di marchi di PIP e la sua portata geografica, migliorando la capacità di servire i clienti in tutto il mondo. Michael Garceau continuerà come Presidente del business PPE, riportando al CEO di PIP, Curt Holtz. Si prevede che la transazione si concluda nella prima metà del 2025, soggetta a condizioni consuete.
Protective Industrial Products (PIP) ha anunciado un acuerdo definitivo para adquirir el negocio de Equipos de Protección Personal (PPE) de Honeywell, que incluye marcas importantes como Fendall, Fibre-Metal, Howard Leight y otras. El negocio de PPE opera en más de 25 ubicaciones de distribución y fabricación en todo el mundo. La adquisición ampliará el portafolio de marcas de PIP y su alcance geográfico, mejorando su capacidad para atender a los clientes a nivel global. Michael Garceau continuará como Presidente del negocio de PPE, reportando al CEO de PIP, Curt Holtz. Se espera que la transacción se complete en la primera mitad de 2025, sujeta a condiciones habituales.
Protective Industrial Products (PIP)가 Honeywell의 개인 보호 장비 사업(PPE)을 인수하는 최종 계약을 발표했습니다. 여기에는 Fendall, Fibre-Metal, Howard Leight와 같은 주요 브랜드가 포함됩니다. PPE 사업은 전 세계 25개 이상의 유통 및 제조 위치에서 운영되고 있습니다. 이번 인수로 PIP의 브랜드 포트폴리오와 지역 범위가 확장되어 전 세계 고객에게 서비스를 제공할 수 있는 능력이 향상됩니다. Michael Garceau는 PPE 사업의 사장으로 계속 재직하며, PIP CEO Curt Holtz에게 보고합니다. 거래는 관례적인 조건에 따라 2025년 상반기 중에 마무리될 것으로 예상됩니다.
Protective Industrial Products (PIP) a annoncé un accord définitif pour acquérir le secteur des Équipements de Protection Personnelle (EPP) de Honeywell, incluant des marques importantes comme Fendall, Fibre-Metal, Howard Leight et d'autres. Le secteur EPP opère dans plus de 25 emplacements de distribution et de fabrication à l'échelle mondiale. Cette acquisition élargira le portefeuille de marques de PIP et sa portée géographique, améliorant ainsi sa capacité à servir des clients dans le monde entier. Michael Garceau continuera en tant que Président du secteur EPP, reportant au PDG de PIP, Curt Holtz. La transaction devrait se clôturer dans la première moitié de 2025, sous réserve des conditions habituelles.
Protective Industrial Products (PIP) hat eine endgültige Vereinbarung zur Übernahme des Geschäfts mit persönlicher Schutzausrüstung (PPE) von Honeywell bekannt gegeben, zu dem bedeutende Marken wie Fendall, Fibre-Metal, Howard Leight und andere gehören. Das PPE-Geschäft ist an über 25 Vertriebs- und Produktionsstandorten weltweit tätig. Die Übernahme wird das Markenportfolio von PIP und die geografische Reichweite erweitern und die Fähigkeit verbessern, Kunden weltweit zu bedienen. Michael Garceau wird weiterhin Präsident des PPE-Geschäfts bleiben und an den PIP-CEO Curt Holtz berichten. Der Abschluss der Transaktion wird für die erste Hälfte 2025 erwartet, vorbehaltlich üblicher Bedingungen.
- Acquisition of multiple established PPE brands strengthens market position
- Expansion of global presence with 25+ distribution and manufacturing locations
- Retention of key leadership with Michael Garceau continuing as President
- Enhanced geographic reach and product portfolio diversification
- Extended completion timeline (first half 2025) creates execution uncertainty
- Integration risks with multiple global locations and brands
Insights
This strategic divestiture of Honeywell's PPE business represents a significant portfolio optimization move. The sale aligns with Honeywell's focus on high-growth, technology-driven segments while monetizing a mature business unit. The PPE division, while stable, has lower margins compared to Honeywell's aerospace and automation segments.
The deal's structure suggests PIP will maintain operational continuity by retaining key management and distribution networks. For Honeywell investors, this transaction should improve the company's overall margin profile and provide capital for reinvestment in higher-growth areas. The retention of the current PPE Business president indicates a smooth transition that should minimize disruption to existing customer relationships and revenue streams.
The global PPE market consolidation continues with this deal merging two significant players. PIP's acquisition of Honeywell's PPE portfolio, including 11 established brands and 25+ global facilities, creates a formidable pure-play PPE provider. The combined entity will benefit from enhanced scale, broader geographic reach and complementary product lines.
The timing is strategic, as the PPE market remains robust post-pandemic with increased focus on workplace safety. The deal's completion timeline in 2025 allows for proper integration planning and regulatory approvals. For Honeywell, this divestiture streamlines their portfolio while maintaining exposure to industrial markets through their core businesses.
The PPE Business offers a comprehensive portfolio of world-class personal protective equipment (“PPE”) products. It provides a broad range of well-known and highly respected brands to a very diversified customer base working with distributors across the globe. The PPE Business includes a strong global footprint with more than 25 distribution and manufacturing locations around the world.
Curt Holtz, President and CEO of PIP, said, “We are delighted to welcome these brands, capabilities and new employees into PIP with the acquisition of Honeywell’s PPE Business, which is highly complementary to our business. The combination of our expanded portfolio of brands and enhanced geographic reach will enable us to offer more growth opportunities for our valued customers around the world.”
“PIP is dedicated to serving as a trusted partner to our customers, listening and working closely with them to deliver innovative head-to-toe protective solutions that meet their needs and keep workers safe,” Holtz added. “We are excited to build on the strength of the PPE Business’s brands and support them with best-in-class service and our flexible and responsive customer-focused approach.” Michael Garceau, President of the PPE Business, will continue in that role, reporting to Mr. Holtz.
Mr. Garceau, said, “This is an exciting next chapter for our business. PIP has a strong reputation in our industry, with a 40-year track record of providing proven safety solutions and exceptional customer support around the world. We look forward to collaborating with the PIP team to build a leading pure-play provider of protective equipment and safety products that best serves our customers, suppliers and employees.”
“We are excited to support PIP in its continued growth through this transformational acquisition,” said Craig Staub, Senior Managing Principal at Odyssey Investment Partners. “Odyssey has a long history of investing in the PPE and industrial safety sector, and we are pleased to bring our expertise to bear in creating a full-service global leader with a diverse product offering and comprehensive international presence. We are confident in the PIP leadership team’s ability to execute a seamless integration process and continue scaling the growing PIP platform.”
The transaction, which is expected to be completed in the first half of 2025, is subject to customary closing conditions.
About Protective Industrial Products, Inc.
Founded in 1984 by Joe Milot and Wellson Tao, PIP® is a leading global provider of a wide range of personal protective equipment, including hand protection, above-the-neck protection, workwear, and footwear. Based in
About Odyssey Investment Partners
Odyssey Investment Partners is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers and using its buy, build and integrate approach to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industrial and business services sectors with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit www.odysseyinvestment.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241122779825/en/
Mark Semer / Grace Cartwright
Gasthalter & Co.
(212) 257-4170
odyssey@gasthalter.com
Source: Protective Industrial Products, Inc.
FAQ
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