HKW Sells Technical Toolboxes to BVP Forge after Successful Growth Period

Strategic Insights -

HKW, a middle-market private equity firm, has sold Technical Toolboxes, a provider of cloud-based insights and compliance-oriented software solutions to pipeline operators, to BVP Forge, a private equity firm focused on growth-oriented, self-sustaining technology and services businesses. HKW, which partnered with Technical Toolboxes in December 2021, has seen the company become an industry-standard SaaS application in the pipeline integrity space, helping operators, utilities, and service providers battle aging infrastructure and meet future energy demands. During its ownership period, HKW invested heavily in engineering, software delivery, and AI enhancements, while growing the go-to-market team to improve market impact within the midstream space.

Key Takeaways:

  • HKW partnered with Technical Toolboxes in December 2021 and invested heavily in engineering, software delivery, and AI enhancements to drive growth.
  • Technical Toolboxes became an industry-standard SaaS application in the pipeline integrity space, helping operators, utilities, and service providers battle aging infrastructure.
  • During HKW's ownership period, the company's go-to-market team was grown to improve market impact within the midstream space.
  • The sale of Technical Toolboxes to BVP Forge enabled HKW to realize returns on its investment, with the firm stating it was "thankful for the opportunity to partner with the Technical Toolbox team".
  • HKW's investment in Technical Toolboxes also enabled the growth of the go-to-market team, driven by CEO Jim Schuchart, who joined the company in May 2022.

Statistics:

  • HKW invested in Technical Toolboxes in December 2021.
  • During its ownership period, HKW grew the go-to-market team to improve market impact within the midstream space.
  • Technical Toolboxes became an industry-standard SaaS application in the pipeline integrity space.

Sources:

  • Matej Hlavaty, Partner at HKW, Managing Partner, Ensemble Crossover Ventures
  • News release from HKW