A Subsidiary of Alliance Holdings, Inc. Completes Merger with HydroWorx
Jan 6, 2017 | Abington, PA and MIddletown, PA - Alliance Holdings, Inc., a 100% employee-owned holding company, has formed a new subsidiary and merged it with HydroWorx International, Inc., a leading U.S. based developer and manufacturer in the hydrotherapy and wellness industry.
The merger is part of a strategic initiative that Anson Flake, CEO, and the HydroWorx Board of Directors put into action this year. Mr. Flake explains, "We intentionally searched for a strategic growth partner who would embrace our family-oriented culture and who would keep our employee base and headquarters in the Harrisburg area. That was one of the key factors for us."
"Alliance Holdings, Inc. is the 8th largest employee-owned company in the U.S. and their unique ESOP structure fits well with both our remarkable people and our business model. Further, Alliance has a long history of adding elite operational expertise to the businesses they invest in and we are very excited for the next stage in our future growth with Alliance as our partners."
Flake, who was looking to step back from day-to-day operations after founding the business twenty-three years ago with Dr. Paul Hetrick, said the entire process of finding a unique partner like Alliance Holdings took approximately nine months. Retiring from the business, Flake has been mentoring his successor, Matt Foss, to take over as the next CEO of HydroWorx. "Matt will do a fantastic job. He is more than ready to lead the business. Matt has been with HydroWorx for 6 years holding leadership positions in Sales and Operations.”
From Matt Foss “I am grateful to Anson and the Board for this opportunity. We have a strong team and will continue to grow HydroWorx rapidly as we surpass our current goals to improve the lives of even more individuals using HydroWorx technology each day. HydroWorx’s success has been built by putting our customers and employees first, this will always be a top priority for me and the team.”
Alliance Holdings (www.allianceholdings.com) is a private equity firm based in Abington, PA, that is 100% owned by all employees through an Employee Stock Ownership Plan (“ESOP”). Alliance’s mission is to create a diversified company that owns a variety of operating business and passive investments throughout the country.
“Alliance’s investment in HydroWorx continues the mission we began in 1995, to build a sustaining, diversified company that provides a strong, secure retirement vehicle for our employee owners”, stated Kenneth Wanko, CEO of Alliance. “The Alliance team is thrilled to be partnering with such a passionate and dedicated team at HydroWorx and we all look forward to continuing the path that Anson Flake began when he founded the company.”
Headquartered in Middletown, PA, HydroWorx has manufactured aquatic therapy products with built-in underwater treadmills, resistance jets and moveable floors to enhance rehabilitation and conditioning outcomes since the late 1990’s. HydroWorx systems have revolutionized the face of aquatic therapy; in fact, HydroWorx’s technology is used by world-class facilities like the renowned Kennedy Krieger Institute, Cleveland Clinic, Frazier Rehab Institute
and The Andrews Institute, as well as many elite athletic programs including the Chicago Cubs, Clemson University, Cleveland Cavaliers, Dallas Cowboys, The Ohio State University, Manchester United and Chelsea Football Clubs along with hundreds more.
HydroWorx offers a wide range of underwater treadmill pools and peripheral products and services. Every day, more than 30,600 athletes and patients use HydroWorx technology to recover from injuries and health conditions.
The merger is part of a strategic initiative that Anson Flake, CEO, and the HydroWorx Board of Directors put into action this year. Mr. Flake explains, "We intentionally searched for a strategic growth partner who would embrace our family-oriented culture and who would keep our employee base and headquarters in the Harrisburg area. That was one of the key factors for us."
"Alliance Holdings, Inc. is the 8th largest employee-owned company in the U.S. and their unique ESOP structure fits well with both our remarkable people and our business model. Further, Alliance has a long history of adding elite operational expertise to the businesses they invest in and we are very excited for the next stage in our future growth with Alliance as our partners."
Flake, who was looking to step back from day-to-day operations after founding the business twenty-three years ago with Dr. Paul Hetrick, said the entire process of finding a unique partner like Alliance Holdings took approximately nine months. Retiring from the business, Flake has been mentoring his successor, Matt Foss, to take over as the next CEO of HydroWorx. "Matt will do a fantastic job. He is more than ready to lead the business. Matt has been with HydroWorx for 6 years holding leadership positions in Sales and Operations.”
From Matt Foss “I am grateful to Anson and the Board for this opportunity. We have a strong team and will continue to grow HydroWorx rapidly as we surpass our current goals to improve the lives of even more individuals using HydroWorx technology each day. HydroWorx’s success has been built by putting our customers and employees first, this will always be a top priority for me and the team.”
Alliance Holdings (www.allianceholdings.com) is a private equity firm based in Abington, PA, that is 100% owned by all employees through an Employee Stock Ownership Plan (“ESOP”). Alliance’s mission is to create a diversified company that owns a variety of operating business and passive investments throughout the country.
“Alliance’s investment in HydroWorx continues the mission we began in 1995, to build a sustaining, diversified company that provides a strong, secure retirement vehicle for our employee owners”, stated Kenneth Wanko, CEO of Alliance. “The Alliance team is thrilled to be partnering with such a passionate and dedicated team at HydroWorx and we all look forward to continuing the path that Anson Flake began when he founded the company.”
Headquartered in Middletown, PA, HydroWorx has manufactured aquatic therapy products with built-in underwater treadmills, resistance jets and moveable floors to enhance rehabilitation and conditioning outcomes since the late 1990’s. HydroWorx systems have revolutionized the face of aquatic therapy; in fact, HydroWorx’s technology is used by world-class facilities like the renowned Kennedy Krieger Institute, Cleveland Clinic, Frazier Rehab Institute
and The Andrews Institute, as well as many elite athletic programs including the Chicago Cubs, Clemson University, Cleveland Cavaliers, Dallas Cowboys, The Ohio State University, Manchester United and Chelsea Football Clubs along with hundreds more.
HydroWorx offers a wide range of underwater treadmill pools and peripheral products and services. Every day, more than 30,600 athletes and patients use HydroWorx technology to recover from injuries and health conditions.