HKW Announces Add-on Acquisition by Xirgo Technologies

INDIANAPOLIS–(BUSINESS WIRE)–HKW announced this week that portfolio company, Xirgo Technologies, LLC.
(“Xirgo”), has acquired UAB Baltic Car Equipment (“BCE”) based in
Kaunas, Lithuania.

Founded in 2006, BCE provides a variety of fleet management solutions,
including hardware and software suites for light vehicles, trucks, heavy
machinery, and agricultural equipment targeting a variety of industries.

Shawn Aleman, CEO of Xirgo, stated, “We are very excited to welcome the
BCE team to Xirgo. The joining of our companies will allow Xirgo to
establish a European footprint improving our access to Europe, the
Middle East, and Africa, enabling our companies to target new customers
and better serve our existing clients. BCE’s product offering will also
provide select North American customers access to customized end to end

Luke Phenicie, HKW’s Lead Transaction Partner and Chairman of Xirgo’s
Board of Directors, stated, “BCE’s geographic footprint and mix of
products complement Xirgo’s existing portfolio quite well. We are
looking forward to working with founder, Andrius Zabulionis, and
director, Giedrius Žibikas, as well as their talented team on this
opportunity. We also feel fortunate to continue HKW’s support of Xirgo
as it continues its expansion in the IoT sector.”

Near Earth LLC, a specialized investment
bank serving the satellite, aerospace and M2M telematics sectors, acted
as financial and strategic advisor to Xirgo.

About Xirgo – Xirgo is a leading provider
of customized IoT solutions for various verticals including insurance
telematics, fleet management, asset tracking, monitoring & control,
transportation logistics & mobility. More information regarding Xirgo is
available at

About HKW – HKW is a private equity firm
investing in growth-oriented companies with talented management teams in
the US and Canada. HKW targets small to mid-size companies in the
Business Services and Health & Wellness sectors. Since 1982, HKW has
sponsored 60 platform transactions of lower middle-market companies
throughout North America, as well as 64 add-on acquisitions. For more
information on HKW, please visit

HKW has announced these platform company and add-on acquisitions over
the last 12 months.

  • Indigo Wild, a manufacturer and
    distributor of bath, skin, home, and cleaning products, including the
    popular Zum product line.
  • Urban Armor Gear (UAG), a designer
    and manufacturer of branded, patented, and rugged protective cases for
    mobile phones, laptops, and tablets.
  • Fresh Direct Produce, a
    distributor of fresh, ethnic, tropical, organic, and specialty produce
    to the Western Canadian market.
  • GCR, a provider of professional
    services and software products to public sector clients, has announced
    two add-on acquisitions, MB3 and STR.

During this same time frame, HKW has sold one company.

  • ProAct Services, a company
    specializing in mobile air and water treatment solutions customized to
    meet the compliance of specific environmental issues.


James C. Snyder
[email protected]

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