Argosy Buys Nationwide Industries
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Argosy Buys Nationwide Industries

nationwide industries nf1Argosy Private Equity has acquired Nationwide Industries from publicly traded P&F Industries for approximately $22 million.

nationwide industries nf12Nationwide Industries is a manufacturer of gate and fence hardware; window and door components such as handles, hinges and locks; storm and screen door components such as cables and closure kits, and other OEM and custom parts. The company is based in Tampa (www.nationwideindustries.com).

Argosy invests from $5 million to $15 million in lower middle market companies that have revenues of $10 million to $100 million and EBITDA margins of 10% or greater.  Sectors of interest include manufacturing, business services, and value-added distribution.  The firm was founded in 1990 and is headquartered in the Philadelphia suburb of Wayne, PA (www.argosycapital.com).

P&F Industries (NASDAQ: PFIN) is a manufacturer and importer of air-powered tools and accessories sold principally to the retail, industrial and automotive markets.  The company’s products are sold under its own trademarks, and private labels of major manufacturers and retailers. P&F Industries is based on Long Island in Melville, NY (www.pfina.com).

“The sale of Nationwide is a significant component of our objective to transform P&F into a more focused organization.  Part of this business strategy is to center our position in the air tools and related accessories sector,” said Richard Horowitz, P&F’s CEO.

New York-based investment bank Daroth Capital Advisors (www.daroth.com) was the financial advisor to P&F. Peter Rothschild led the transaction for Daroth Capital.

© 2016 Private Equity Professional • 2-12-16

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