Cincinnati-based The Hillman Group purchased East Moline, Ill.-based Servalite, distributor of residential fasteners and related products and said it will promote the Servalite brand as Hillman's "premium line of refillable assortments and electrical parts."
Servalite was founded in 1979 by Tom and Jennifer Rowe, who will remain in their current roles with Servalite. Annual revenues in 2009 were more than $20 million, according to the release announcing the acquisition. Terms of the deal were not disclosed.
"This acquisition joins two great brands and allows our customers to take advantage of best practices from two industry leaders," said Tom Rowe.
Hillman said the acquisition strengthens its position in specialty fasteners and electrical parts, according to the company's release.
Hillman CEO Max "Mick" Hillman Jr. said: "Over the last 31 years, Hillman has admired Servalite's flexible programs, excellent customer service, innovative new products and talented employees."
In May 2010, private equity firm Oak Hill Capital Partners and Hillman's management team formed a partnership to acquire Hillman.