Lasko sold to two in­vest­ment firms

West Goshen maker of fans and heaters is leav­ing fam­ily hands af­ter 110 years

Daily Local News (West Chester, PA) - - FRONT PAGE - By Brian McCullough bm­c­cul­lough@21st-cen­tu­ry­media. com @wc­dai­ly­lo­cal on Twit­ter

Lasko Hold­ings Inc. said it was pur­chased by Comvest Part­ners and JW Levin Man­age­ment Part­ners.

WEST GOSHEN » A long­time West Ch­ester area fam­ily busi­ness has been sold for an undis­closed price.

Lasko Hold­ings Inc., which bills it­self as the largest provider of por­ta­ble fans and heaters in the U.S., said it was pur­chased by Comvest Part­ners and JW Levin Man­age­ment Part­ners, two in­vest­ment firms.

While an­nounc­ing the sale last week, the com­pany also said its CEO, Bill Lasko, will re­tire. The Lasko fam­ily will con­tinue as an in­vestor in the com­pany, the firms said in a joint state­ment an­nounc­ing the sale.

Com­pany spokesper­sons de­clined to give fur­ther de­tails about how the sale will af­fect lo­cal op­er­a­tions. The com­pany is based in the 800 block of Lincoln Av­enue on the out­skirts of West Ch­ester and has light man­u­fac­tur­ing op­er­a­tions there.

The com­pany was founded by Henry Lasko 110 years ago in 1906. It de­signs, man­u­fac­tures, as­sem­bles and dis­trib­utes por­ta­ble fans and heaters sold in North Amer­ica, South Amer­ica and Asia. It also de­signs, man­u­fac­tures, as­sem­bles and dis­trib­utes ven­ti­la­tion prod­ucts un­der the Air King brand.

The com­pany is rec­og­nized as a leader in the por­ta­ble fan and por­ta­ble heat­ing cat­e­gories and “proudly op­er­ates Amer­i­can man­u­fac­tur­ing, as­sem­bly, and dis­tri­bu­tion fa­cil­i­ties in Ten­nessee, Texas and Penn­syl­va­nia,” it said in its state­ment.

“Lasko is the num­ber one brand in con­sumer por­ta­ble fans and por­ta­ble heaters with a wide of­fer­ing of en­ergy ef­fi­cient home com­fort prod­ucts, strong cat­e­gory share, and a loyal cus­tomer base,” said Tom Clark, part­ner at Comvest Part­ners. “We ad­mire the decades of lead­er­ship of Os­car Lasko and

his son, Bill Lasko. We be­lieve Lasko is uniquely po­si­tioned as a re­sult of its do­mes­tic pro­duc­tion fa­cil­i­ties to ser­vice its cus­tomers, and plan to en­hance this ser­vice of­fer­ing while in­creas­ing the com­pany’s growth through new prod­ucts, cat­e­gories and ge­ogra­phies.”

Jerry W. Levin, CEO of JW Levin Part­ners, will serve as chair­man and in­terim CEO, the com­pa­nies said in their state­ment. Levin is an in­dus­try vet­eran who pre­vi­ously served as CEO of Wil­ton Brands, Amer­i­can House­hold (Sun­beam), Cole­man, and Revlon, the com­pa­nies said, adding that the rest of the man­age­ment team will con­tinue with Lasko.

“This is an ex­cit­ing op­por­tu­nity for the com­pany. My fam­ily and our loyal team at the com­pany have built a tremen­dous legacy over the past cen­tury. Comvest and JWLMP bring the re­sources, ex­pe­ri­ence and knowl­edge to con­tinue this legacy and take the com­pany to the next level,” Bill Lasko said in the state­ment.

Lasko was ad­vised by Wells Fargo Se­cu­ri­ties, Flaster/Green­berg, and Fox Roth­schild. Comvest and JWLMP were ad­vised by Jef­feries and McDer­mott Will & Emery.

Ac­cord­ing to the state­ment, Comvest Part­ners is a pri­vate in­vest­ment firm pro­vid­ing equity and debt cap­i­tal to mid­dle-mar­ket com­pa­nies across the U.S. Since its found­ing in 2000, the firm has in­vested over $2.4 bil­lion in over 140 com­pa­nies.

JW Levin Man­age­ment Part­ners is a firm that in­vests in and pro­vides man­age­ment ser­vices to branded con­sumer prod­ucts and ser­vices com­pa­nies. It was founded in 2015 and is based in New York, New York.

Last year, the World Trade Cen­ter of Greater Philadelphia named Lasko the Penn­syl­va­nia Com­pany of the Year dur­ing its An­nual World Trade Cen­ters Day. The event, started af­ter the Sept. 11, 2001 ter­ror­ist attacks, rec­og­nizes stand­out global trade vi­sions and achieve­ments.

PETE BAN­NAN — DIG­I­TAL FIRST ME­DIA

Lasko in the 800 block of Lincoln Av­enue in West Goshen has been sold.

PETE BAN­NAN — DIG­I­TAL FIRST ME­DIA

Lasko Hold­ings Inc., which bills it­self as the largest provider of por­ta­ble fans and heaters in the U.S., said it was pur­chased by Comvest Part­ners and JW Levin Man­age­ment Part­ners, two in­vest­ment firms.

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