Penfund has acquired JET Equipment & Tools and its subsidiaries, Pioneer Protective Products and American Forge & Foundry, from Diamond Investment Group.
“JET and its subsidiaries are market leading suppliers of professional grade tools and equipment. The company has strong brands, long standing customer relationships, an extensive distribution and sourcing network and a proven management team,” said Richard Bradlow, a Partner at Penfund. “JET’s strong market position combined with Penfund’s significant investment experience in the automotive aftermarket and industrial distribution sector make this acquisition a compelling investment opportunity and excellent platform for future growth.”
JET Equipment & Tools is a Canadian wholesale distributor and marketer of branded professional tools, material handling equipment, automotive and heavy duty lifting equipment, abrasives and outdoor power equipment. Products are sold through independent distributors and retailers who supply the industrial sector, automotive and heavy duty aftermarket and outdoor power equipment market. The company operates a wholesale distribution network with six warehouses across Canada and employs over 170 people. JET was founded in the 1950’s and is headquartered in Vancouver, BC (www.jetequipment.com).
Pioneer Protective Products is a Canadian supplier of safety and protective apparel. The company was founded in 1887 and is located in Vancouver, BC (www.pioneerprotectiveproducts.com).
American Forge & Foundry is a supplier of automotive and heavy duty lifting equipment used to meet the lifting, shop equipment, shop maintenance, lubrication and material handling needs of service facilities and repair shops nationwide. The company was founded in 1963 and is based in Guilderland Center, NY (www.affjaxx.com).
Penfund is a Canadian private equity firm specializing in providing junior capital to middle market companies throughout North America. Penfund provides high yield and mezzanine debt, control and minority equity, as well as bridge facilities, standby lines, underwritten facilities and financial guarantees. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund IV which has $460 million of committed capital. The firm was founded in 1979 and is based in Toronto, ON (www.penfund.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 11-5-12
