Protective Industrial Products, Inc. (“PIP®”) today announced it has entered into a definitive agreement to acquire the Personal Protective Equipment Business (“PPE Business”) of Honeywell (NASDAQ: HON), along with its leading brands Fendall, Fibre-Metal, Howard Leight, KCL, Miller, Morning Pride, North, Oliver, Salisbury, UVEX, and others. PIP is a portfolio company of Odyssey Investment Partners, LLC.

The PPE Business offers a comprehensive portfolio of world-class personal protective equipment (“PPE”) products. It provides a broad range of well-known and highly respected brands to a very diversified customer base working with distributors across the globe. The PPE Business includes a strong global footprint with more than 25 distribution and manufacturing locations around the world.

Curt Holtz, President and CEO of PIP, said, “We are delighted to welcome these brands, capabilities and new employees into PIP with the acquisition of Honeywell’s PPE Business, which is highly complementary to our business. The combination of our expanded portfolio of brands and enhanced geographic reach will enable us to offer more growth opportunities for our valued customers around the world.”

“PIP is dedicated to serving as a trusted partner to our customers, listening and working closely with them to deliver innovative head-to-toe protective solutions that meet their needs and keep workers safe,” Holtz added. “We are excited to build on the strength of the PPE Business’s brands and support them with best-in-class service and our flexible and responsive customer-focused approach.” Michael Garceau, President of the PPE Business, will continue in that role, reporting to Mr. Holtz.

Mr. Garceau, said, “This is an exciting next chapter for our business. PIP has a strong reputation in our industry, with a 40-year track record of providing proven safety solutions and exceptional customer support around the world. We look forward to collaborating with the PIP team to build a leading pure-play provider of protective equipment and safety products that best serves our customers, suppliers and employees.”

“We are excited to support PIP in its continued growth through this transformational acquisition,” said Craig Staub, Senior Managing Principal at Odyssey Investment Partners. “Odyssey has a long history of investing in the PPE and industrial safety sector, and we are pleased to bring our expertise to bear in creating a full-service global leader with a diverse product offering and comprehensive international presence. We are confident in the PIP leadership team’s ability to execute a seamless integration process and continue scaling the growing PIP platform.”

The transaction, which is expected to be completed in the first half of 2025, is subject to customary closing conditions.

About Protective Industrial Products, Inc.

Founded in 1984 by Joe Milot and Wellson Tao, PIP® is a leading global provider of a wide range of personal protective equipment, including hand protection, above-the-neck protection, workwear, and footwear. Based in Latham, NY, PIP operates 35 locations across 18 countries, including Canada, Mexico, Ireland, the U.K., Germany, France, Italy, Spain, Czech Republic, Poland, China, Thailand, Vietnam, Australia and New Zealand. The company works with distributors and retail networks worldwide to supply workers covering a wide range of Industrial markets with over 20,000 PPE products and solutions, supported by a team of more than 2,000 employees. PIP’s industry-leading brands include PIP®, G-Tek®, Boss®, Bouton Optical®, Grippaz®, and Bisley Workwear®, along with licensed PPE brands such as PUMA® Safety Footwear. Further information about PIP® can be found at www.pipglobalsafety.com.

About Odyssey Investment Partners

Odyssey Investment Partners is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers and using its buy, build and integrate approach to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industrial and business services sectors with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit www.odysseyinvestment.com.

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