General Tools & Instruments, a portfolio company of High Road Capital Partners since February 2014, has acquired the assets of PacTool International.
PacTool International designs and manufactures siding tools and gauges; specialty hand tools; cutting tools and blades used to cut and install fiber-cement siding; wood shingles and other exterior siding and cladding materials.
PacTool’s products are used in construction, renovation and remodeling, and its products include the Gecko Gauge, which holds fiber-cement siding in place during installation; Snapper Shears, a collection of dust-free cutting tools; and the Roof Snake nail puller and shingle replacer. PacTool is headquartered near Seattle in Kingston, WA (www.pactool.us).
General Tools & Instruments is a designer and developer of specialty hand tools and handheld test instruments for consumers and professionals. GTI’s has more than 1,200 products which are sold through big-box and specialty retailers including Home Depot, Lowe’s, Sears, Ace Hardware and True Value Hardware stores, and through industrial distributors such as Grainger, MSC Industrial Supply and McMaster-Carr. The company was founded in 1922 and is headquartered in Secaucus, NJ (www.generaltools.com).
“We’re excited for the tremendous opportunity to introduce PacTool products into our extensive distribution channels,” said Ralph Mallozzi, President and Chief Executive Officer of General Tools.
“The acquisition of PacTool strengthens General Tools’ market position as a leading provider of specialty tools and instruments. PacTool’s innovative niche exterior construction tools are an ideal complement to General Tools’ portfolio of precision hand tools and instruments, which are used by DIYers, tradesmen, and craftsmen, almost exclusively for interior applications,” said Jeffrey Goodrich, a Partner at High Road. “In addition, fiber-cement siding has several advantages over competing products and sales are growing faster than the overall exterior coverings market.” Mr. Goodrich led the transaction for High Road and was assisted by Vice President Eojin Lee and Senior Associate James Karle.
High Road invests in manufacturing, service, or value-added distribution businesses with revenues of $10 million to $100 million and EBITDAs of $3 million to $10 million. High Road has completed 45 transactions – 17 platform investments, 22 add-on acquisitions and six exits – since its founding in 2007. The firm is based in New York (www.highroadcap.com).
Twin Brook Capital Partners (www.twincp.com) provided financing for this transaction.
© 2017 Private Equity Professional | November 28, 2017