SOLON, OH--(Marketwired - December 08, 2015) - HDT Global, a leading provider of highly engineered, application-specific solutions for military, civilian, commercial and industrial customers, announced today that Andy Hove, President & CEO, is departing to assume the chief executive role at AM General. Frederick M. Strader, former CEO of Textron Systems and current HDT board member, has been named Interim President & CEO. The HDT Global board of directors is actively engaged in the search for a permanent replacement and will work with Mr. Strader and the existing leadership team to manage the transition.
"We are grateful to Andy for his valuable contributions and wish him well," said Sam Bartlett, Managing Director at Charlesbank Capital Partners, which acquired HDT Global last year. "We will move quickly to identify a new CEO but in the meantime are fortunate to have a knowledgeable and experienced management team in place to assist Fred and execute on our strategic initiatives."
"As we seek a deeply experienced executive to replace Andy, we are delighted to have Fred at the helm," added Josh Klevens, a fellow Managing Director at Charlesbank. "His impressive career has included leadership roles at Textron, United Industrial Corporation/AAI Corporation, United Defense and FMC. In addition to his strong executive experience and his time in the Army, he has gained personal knowledge of HDT Global's business and management team during his time on the board. Fred is well-prepared to take on the role of interim President & CEO and to help ensure that the company moves steadily forward during this time of transition."
A graduate of Ripon College and the Wharton School, University of Pennsylvania, Mr. Strader has more than 35 years of defense industry experience. "I'm delighted that I can leverage my industry and CEO experience for this role at HDT Global, a business I greatly respect," said Mr. Strader. "The company has a great management team, a leading portfolio of integrated products and services, and a reputation for exceptional customer service. I look forward to helping the company continue to excel and build on its promise while the Board conducts its search for a new, permanent CEO."
About HDT Global
Founded in 1937, HDT Global holds a portfolio of products aimed at creating and controlling environmental conditions to protect and optimize the functioning of critical equipment and personnel. Its innovative solutions include rapidly deployable shelters, sophisticated environmental control and power equipment, and nuclear, biological and chemical protection systems. Among its customers are major branches of the US military, international governments and large industrial companies. For more information, visit: http://www.hdtglobal.com.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $3.5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $75 million to $175 million per transaction in companies with enterprise values of $150 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, visit: www.charlesbank.com.
Contact Information:
HDT Global Contact:
Scott Thompson
(952) 913-2568