Odyssey Investment Partners (Odyssey) announced a definitive agreement to acquire Protective Industrial Products Inc. (PIP®), a leading global supplier of personal protective equipment (PPE) and industrial safety products, from Audax Private Equity.
PIP offers a broad suite of the most recognized PPE products and brands across numerous segments, including hand & arm protection, protective clothing, head protection, eye & hearing protection, and other safety protection. Headquartered in Latham, N.Y., PIP reportedly has a diversified channel presence across distributors, retailers, and e-commerce platforms.
Joe Milot, president and CEO of PIP, will continue to lead the company alongside the existing management team. The Milot and Tao families, the founders of PIP, will continue to maintain a significant ownership position in the Company.
“The acquisition of PIP builds on Odyssey’s history of investing in the PPE and industrial safety sectors. PIP, over many years, has a proven track record of product innovation and differentiated service to its customers across multiple segments and channels,” said Craig Staub, a senior managing principal, Odyssey. “We are delighted to partner with Joe and the entire PIP team to execute on our shared growth vision in the years to come.”
“Our new partnership with Odyssey is an exciting new catalyst to capitalize on the tremendous potential in the PPE marketplace,” said Mr. Milot, cofounder, PIP. “Odyssey is aligned with our values and our strategy to become the leading global provider of industrial safety products and solutions.”
“We look forward to pursuing a multi-pronged growth strategy for PIP, including both organic initiatives and strategic acquisitions. Given its scale and proven success with integrating prior acquisitions, PIP is uniquely positioned to capitalize on the fragmented global PPE market to grow within its current core offerings, while expanding further into adjacent PPE categories, both in the U.S. and internationally,” said Henry Bendit, a principal, Odyssey.
For more information, visit https://us.pipglobal.com.