Trivest Partners has sold its portfolio company Hazmasters, a supplier of employee health and safety products, to WESCO International. Trivest first invested in Hazmasters in 2011.
Hazmasters supplies employee health and safety products to over 5,000 customers throughout Canada. Products include protective gear, respiratory equipment, fall protection systems, and containment and disposal equipment used in the abatement, restoration, construction and industrial manufacturing industries. The company has 10 offices across Canada and is headquartered in Pickering, ON (www.hazmasters.com).
Trivest Fund IV acquired Hazmasters in partnership with the Randy Myers, the company’s founder, and other members of the management team, in November 2011. During the course of ownership Hazmasters and Trivest opened three new branches and completed two acquisitions which expanded the company’s geographic reach and service offering. As a result, according to Trivest, sales and profits grew substantially.
“We owe a debt of gratitude to Randy Myers and the Hazmasters management team for flawlessly executing on the strategy laid out at the onset of our investment,” said Peter “Chip” Vandenberg, Jr., Trivest Partner.
Trivest invests in founder or family owned businesses in the United States and Canada that have revenues of at least $25 million and cash flows of at least $5 million. Sectors of interest include business services, niche manufacturing, consumer products, and franchisors. The firm was founded in 1981 and has completed 200 transactions totaling more than $5 billion in value. Trivest is headquartered in Miami (www.trivest.com).
“Partnering with Trivest in November 2011 truly helped us to take Hazmasters to the next level,” said Mr. Myers. “Trivest provided the necessary support to expand our branch network to 14 locations, develop growth strategies, acquire two add-on acquisitions and have a successful exit, yet allowed our management team the autonomy to operate our business,”
The buyer of Hazmasters, WESCO International (NYSE: WCC), distributes electrical, industrial, and communications maintenance, repair, and operating products; and original equipment manufacturers products and construction materials. The company also provides supply chain management and logistics services. 2012 annual sales were approximately $6.6 billion. WESCO was founded in 1922 and is based in Pittsburgh (www.wesco.com).
Hazmasters was advised by Stephens Inc. (financial advisor) and Cassels Brock & Blackwell LLP (legal advisor).
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-7-14
