Bertram Exits NEFCO With Sale to Leonard Green

Bertram Capital has closed the sale of NEFCO, a construction supply distributor, to Leonard Green & Partners. The sale of NEFCO is Bertram’s second exit from its fourth fund and its 23rd exit since the firm’s launch in 2006.

NEFCO serves mechanical and electrical contractors that are active in the infrastructure, healthcare, data center and industrial construction sectors. NEFCO’s product lines include concrete and structural fasteners such as anchors, bolts, screws, and nuts; tools and installation equipment; jobsite safety gear; mechanical and structural support products; adhesives, tapes, sealants and lubricants; and material handling and storage supplies.

The company’s mechanical and structural support products, sold under the SHARP brand, include strut channel and fittings, hardware and fasteners, concrete anchors, threaded rod and pipe hangers used in mechanical and structural support applications. NEFCO operates more than 70 locations nationwide and is headquartered in Hartford, Connecticut.

Beyond product distribution, NEFCO provides large local inventories, fast jobsite delivery and a range of services, including engineering support, specialty fabrication and assembly of construction materials. This combination allows customers to source both stocked components and custom-configured assemblies tailored to complex project requirements.

Bertram acquired NEFCO in August 2022 and expanded the company from a regional distributor into a national platform through an aggressive add-on acquisition strategy, which included the acquisitions of Newman Associates (August 2022); Southwest Fastener (April 2023); Edge Construction Supply (October 2023); FASCO (December 2023); Modern Fasteners (July 2024); Sheinberg Tool (October 2024); Unistrut Midwest (December 2024); Total Tool Supply (November 2024); and UNICOA (April 2024).“Bertram was a true partner to NEFCO,” said Matt Gelles, president and chief executive of NEFCO. “Their experience in industrial value-added distribution and commitment to supporting our long-term vision were instrumental in helping us aggressively scale the business while preserving our culture and customer-first mindset.”

“The successful sale of NEFCO builds on our proven track record of scaling high-quality specialty distribution platforms,” said Kevin Yamashita, a partner at Bertram Capital. “By partnering with strong management teams and executing strategic M&A and organic investment, we have created a differentiated franchise that continues to deliver compelling outcomes.”

Bertram Capital invests in middle-market companies across the business services, consumer, industrial and manufacturing sectors. The firm’s flagship fund makes control investments in lower middle-market companies with at least $7.5 million in EBITDA, while Bertram’s Ignite Fund makes both control and non-control investments in under-optimized companies with a minimum of $3 million in EBITDA. The firm was founded in 2006 and is headquartered near San Francisco in Foster City, California.

“NEFCO exemplifies the type of high-quality business we seek to partner with – a market leader with strong customer relationships, a differentiated value proposition, and an exceptional management team,” said Chris Brown, a partner at Bertram Capital. “Working alongside the NEFCO leadership team, we accelerated the Company’s growth through strategic acquisitions, organic expansion and technology initiatives supported by Bertram Labs.”

Los Angeles-based Leonard Green invests in service companies operating in the consumer, business, healthcare, retail, distribution, and industrial sectors. The firm’s most recently closed flagship fund is Green Equity Investors IX which raised $15.2 billion and closed in 2022. The firm is now reported to be fundraising its next flagship vehicle, Green Equity Investors X with a final close expected in mid-2026.

Solomon Partners was the financial advisor to Bertram on the transaction, with Houlihan Lokey also advising. The Solomon transaction team was led by Jason Kliewer and Nick Troyer, and Houlihan’s team was led by Reed Anderson and Tony Meixelsperger.