Acquisition in the tool aisle
PacTool International, a Seattle-based manufacturer of siding tools and gauges, specialty hand tools, cutting tools and blades, was acquired by General Tools & Instruments, a portfolio company of High Road Capital Partners.
PacTool is known for products in the construction, renovation and remodeling segments. Their products include the Gecko Gauge, which holds fiber cement siding in place during installation and can reduce labor requirements by half; Snapper Shears, a collection of dust-free cutting tools; and the Roof Snake nail puller and shingle replacers.
The acquistion is described as a strong fit, with PacTool’s product line of exterior construction tools complementing General Tools’ collection of precision hand & digital tools used primarily for interior home improvement projects.
“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, Partner, High Road Capital Partners. “In addition, fiber cement siding has several advantages over competing products and sales are growing faster than the overall exterior coverings market.”
“We’re excited for the tremendous opportunity to introduce PacTool products into our extensive distribution channels,” says Ralph Mallozzi, president and CEO, General Tools & Instruments. “And the interior and exterior construction professionals, renovators and remodelers who rely on PacTool’s products will gain access to General Tools’ exceptional knowledge base and broad portfolio of award winning products.”
WD-40 shareholders elect new director
WD-40 Company announced today that David Pendarvis was elected at its 2017 Annual Meeting of Stockholders to the board of directors. Pendarvis has been appointed to serve as a member of the Corporate Governance and Audit committees.
"We are pleased to welcome David to our board," said Garry O. Ridge, president and CEO of WD-40 Company. "His legal expertise and experience as chief administrative officer and general counsel of Resmed Inc. with global responsibilities will provide the board of directors with valuable global management experience and perspective for risk oversight."
"I'd would also like to acknowledge Mario Crivello who did not stand for reelection at yesterday's annual meeting. I want to extend my thanks on behalf of the entire tribe for Mario's contributions to the company's success over the last 23 years," Ridge said.
Pendarvis joined ResMed Inc. in 2002 as global general counsel and has held several key roles including interim president. Prior to joining RedMed Inc. Pendarvis was a law partner at Gray Cary Ware & Friedenrich, and Gibson, Dunn & Crutcher, and he served as a law clerk to United States District Court Judge, J. Lawrence Irving in the United States District Court, San Diego.