A company with 444 employees worldwide, Maxon had crossed that threshold, said Maxon president Charles N. Hetrick. The deal will let Maxon continue to grow, he said. Hammond, Kennedy, Whitney “is not in business to manage; it wants us to run the business while it provides capital,” Hetrick said.
“At some point in time, a growing business has to recapitalize, much like Muncie Power Products did recently,” Hetrick said, noting that jobs, wages, benefits, local management and plant locations will be unaffected by the sale. HKW will acquire all company stock, other than management-held shares.
“This transaction was initiated by the board to carry out its long-term vision for the company shareholders, employees and management,” said Bob Smitson, Maxon's chairman.