Fastenal to acquire Manufacturer’s Supply Company
Fastenal Company has agreed to acquire certain assets of Manufacturer's Supply Company (Mansco), a regional industrial and fastener supply distributor headquartered in Hudsonville, Michigan.
"From our first discussions, we were impressed with the Mansco team,” said Dan Florness, President and CEO of Fastenal. “It has built a successful business in a challenging fastener distribution market through a focus on customers and a ‘can-do’ approach. This speaks to the company’s ability to execute and illustrates how well Mansco will fit with our own “growth through customer service” culture. We look forward to welcoming Mansco to the Fastenal family. Our complimentary capabilities make both businesses stronger.”
Mansco has additional facilities in Madison, Alabama and McAllen, Texas. It specializes in fastener products, particularly in commercial furniture OEMs, an area of future growth for Fastenal.
"I am extremely pleased about the opportunity for the business and our employees to move forward with Fastenal," added Jim Mol, president and owner of Mansco. “Fastenal brings an enormous supply capability and cost saving technologies to our customers. This combination will help us grow and better serve our customers, while maintaining the excellent quality and service our customers have come to expect."
Mansco generated approximately $50 million of revenue in 2016, largely from its flagship Michigan location. The transaction is expected to be accretive in the first 12 months, though it should not be material to earnings per share.
The agreement includes several conditions to close, and it's expected to close by the end of March.
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