Houchens Industries, an S Corp. ESOP, is acquiring Air Hydro Power. Air Hydro Power has a location in Birmingham. The deal is expected to close in January 2023.
Matt Ott, Tom McGuire and Dick Beaven, Air Hydro Power majority owners, will remain involved in the business post-close, with Ott and McGuire continuing in their current capacities overseeing operations and sales while Beaven will transition to a key account sales role.
“We considered forming our own ESOP (employee stock ownership plan) in 2019 because of the long-term benefits it provides to the employees and the opportunity to partner with a company like Houchens was too good to ignore,” said Ott.
Air Hydro Power is an industrial distributor of motion control and fluid power solutions including automation, robotics, pneumatics, hydraulics, electrical motors and hose and fittings. The company serves more than 5,000 customers from its locations in Kentucky, Indiana, West Virginia, Alabama, Mississippi and Florida. The company provides maintenance, repair and operations and was founded in 1961. Ott, McGuire and Beaven acquired AHP in 1998.
“The partnership with Houchens provides us with the growth capital and resources to support the strategic plan that our management team desires and deserves. With Houchens’ proven track record of acquiring and building exceptional companies, we will not only maintain our leading position in the automation industry, but we can expand our capabilities and offerings to our customers,” McGuire said.
Houchens is based in Kentucky with a diversified portfolio of industries including grocery and convenience, construction, manufacturing, insurance, retail, health care, hardware and restaurants.
“We are thrilled to partner with the AHP management team who has an employee and customer centric approach that mirrors that of Houchens,” said Dion Houchins, CEO and chairman of the board of Houchens.