Lasko Holdings, Inc., a family-owned manufacturer of portable fans and heaters, has been acquired by Comvest Partners and JW Levin Management Partners (JWLMP). The Lasko family will continue as an investor in the company, according to Lasko.
Lasko, which was founded by Henry Lasko in 1906, designs, manufactures, assembles and distributes portable fans and heaters sold in North America, South America and Asia, and also designs, manufactures, assembles and distributes ventilation products under the Air King brand. The company also operates American manufacturing, assembly and distribution facilities in Tennessee, Texas and Pennsylvania.
“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.”
Simultaneously with the transaction, Bill Lasko, CEO, will retire from the company and Jerry W. Levin, CEO of JWLMP and an industry veteran who previously served as CEO of Wilton Brands, American Household (Sunbeam), Coleman and Revlon, will serve as chairman and interim CEO. The rest of the management team will continue with the company.
Levin said, “The company has an outstanding reputation in the industry for customer service and for providing high quality home comfort products. I look forward to working with the company’s management and employees, as we transition to the next phase of the company’s evolution focusing on innovation, quality, performance and value, and to ensure the level of customer service that has been the foundation of this company for over 100 years continues without interruption.”
Bill Lasko said, “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.”