HealthWay hopes private-equity firm can help it reach the next level

PULASKI — HealthWay president Vinny Lobdell, Jr. believes that the time was right to find a partner that could help his company “reach the next level.”

“AE Industrial has the industry and operational expertise, and deep relationships needed to build a premier global air purification technology solutions platform,” Lobdell said. 

He’s referring to private-equity firm AE Industrial Partners, LP, which has acquired the Pulaski–based HealthWay Family of Brands. HealthWay specializes in air-purification products for both commercial and residential settings.

AE Industrial Partners focuses on the aerospace, defense & government services, space, power generation, and specialty-industrial markets.

The acquisition of HealthWay represents AEI’s 14th platform investment in its AE Industrial Partners Fund II, LP, which closed in 2018 with $1.36 billion in equity commitments, per a news release on the HealthWay website. No financial terms for the acquisition were disclosed.

Founded in 2004, HealthWay is a family-owned and operated firm that says it “has seen tremendous growth.” To continue facilitating growth and investment in innovations in indoor air quality, HealthWay says it has joined forces with AEI.

“We’re pleased to join the AE Industrial team and gain the needed resources to further invest in growth and innovation,” Vince Lobdell, CEO and chairman of HealthWay, said in the release. “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.”

HealthWay has more than 100 employees in Pulaski and more than 300 around the world, according to its website.

AEI considers the acquisition of HealthWay to be a platform investment and plans to work alongside the management team to reach global channels, sectors, and customers.

“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,” Kelly Romano, operating partner at AEI, said. “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.”