AFC Industries, a portfolio company of Incline Equity Partners, has acquired Master Distribution.
The buy of Master Distribution is the eleventh add-on for AFC since being acquired by Incline’s third fund in March 2015 from Rockwood Equity Partners.
Master Distribution is a supplier of strut fittings, pipe hangers, beam clamps, aircraft cable (wire ropes), and metal framing supports, along with related connecting fasteners and hardware (nuts, screws, washers, and bolts) used in the commercial, industrial, infrastructure, utility and energy end markets.
The company’s galvanized, painted, and powder coated products are available in a range of metals including steel, stainless steel, aluminum, and zinc. Master Distribution is headquartered near Cleveland in Brunswick, Ohio.
AFC Industries
distributes and provides vendor managed inventory programs for an array of standard and specialized fasteners and other industrial components including bolts, screws, nuts, rivets, fittings, springs, gaskets, hinges, keys, and latches.
AFC’s customers include original equipment manufacturers and assembly plants in the automotive, defense, fluid-handling, food equipment, lighting, medical and transportation sectors. In addition to providing inventory management and replenishment services, AFC’s service offerings include testing, quality assurance, assembly, kitting, packaging, and private labeling.
AFC was founded in 1987 and is headquartered near Pittsburgh in Bridgeville, Pennsylvania with additional facilities in Connecticut, Ohio, Minnesota, and Nevada.
“The acquisition of Master extends the boundaries of our core business by adding a robust line of adjacent products,” said Kevin Godin, CEO of AFC. “We are excited to apply our institutional experience and expertise to fuel growth at Master.”
“AFC showed tremendous resiliency through the recent market disruption, largely driven by the customer and end-market diversification,” said John Morley, a partner at Incline. “This acquisition further strengthens its position in the market by expanding its reach through additional product offerings.”
Given AFC’s highly fragmented market, Incline and AFC continue to seek additional add-on acquisitions of distributors that add to the company’s product portfolio, expand its geographic footprint, and build on its presence in existing markets.
Pittsburgh-based Incline Equity Partners was formed in 2011 and is led by its senior partners, Jack Glover, Justin Bertram, and Leon Rubinov. In January 2020, Incline closed its fifth fund, Incline Equity Partners V LP, with nearly $1.2 billion of capital.
Private Equity Professional | August 28, 2020
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