Lasko sold to two investment firms

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

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.