Pfingsten Keeps Building ZSi-Foster

ZSi-Foster, a manufacturer and supplier of clamping, coupling and strut products and a portfolio company of Pfingsten Partners, has acquired Florida Strut from its owner David Fisher.

Florida Strut is a manufacturer of metal strut channels and a distributor of fittings, pipe clamps, utility brackets and other products used in a range of electrical and industrial applications.  The company’s manufacturing capabilities include roll forming, welding, cutting, and punching of both carbon and stainless steels. Florida Strut is headquartered in Ocala, FL (www.floridastrut.com).

ZSi-Foster is a manufacturer of support systems, cushioned clamping and quick disconnect coupling devices that are attached to pipe, tube and hose to prevent vibration, shock, surge and corrosion.  The company products are used in the general industrial, fluid power, HVAC, refrigeration and electrical markets. ZSi-Foster, led by CEO Rick Stepien, is headquartered near Detroit in Canton, MI with additional facilities in Springfield, MO; and La Mirada, CA (www.zsi-inc.com).

“Florida Strut’s customer-focused approach to quality manufacturing made it a perfect fit for the ZSi-Foster platform,” said Phillip Bronsteatter, a principal at Pfingsten. “This acquisition is a critical step in our strategic plan to build the leading, national manufacturer and distributor of highly engineered clamps, couplers and support systems.”

The buy of Florida Strut is the third add-on acquisition for ZSi-Foster under Pfingsten ownership which began in May 2014.

Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 134 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with representative offices in India and China (www.pfingsten.com).

© 2019 Private Equity Professional | January 9, 2019

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