New owner for General Tools
Worthington Industries, Inc. acquired General Tools & Instruments Company LLC, a provider of over 1,200 feature-rich, specialized tools with well-established brands and a nearly 100-year history.
The purchase price was approximately $115 million, subject to closing adjustments, funded with existing cash. In calendar year 2020, General Tools generated net revenue of $68.2 million and adjusted EBITDA of $15.2 million.
Worthington acquired General Tools from High Road Capital Partners, which bought General Tools in February 2014. During High Road's ownership, General Tools completed the acquisitions of PacTool International, which brought a line of home repair and remodel tools into its portfolio, and Garden Weasel, which added premium lawn and garden tools with enduring brand equity.
The acquisition broadens Worthington’s consumer products brands in niche tools and outdoor living. General Tools’ brands are focused in categories including environmental health & safety, precision measurement & layout, home repair & remodel, lawn & garden and specific purpose tools.
“The acquisition of General Tools expands our thriving consumer products portfolio, complementing our existing brands in niche tools and outdoor living with attractive end-markets,” said President and CEO Andy Rose. “General Tools brings a strong history and a proven new product development process with demonstrated speed to market. Their team is outstanding, and this acquisition will deepen our expertise in consumer products and broaden our relationships with blue chip customers allowing us to deliver more products, innovation and value.”
Founded in 1922, General Tools is headquartered in Secaucus, N.J., with an additional location in Shanghai, China. For most of the 20th century, the company operated out of Manhattan in New York City in a district that was at one time a hotbed of hardware and tool manufacturers. General Tools employs about 60 people. The tenured management team with expertise in managing a global supply chain will continue to run the business.
Headquartered in Columbus, Ohio, Worthington operates 51 facilities in 15 states and seven countries, sells into over 90 countries and employs approximately 7,500 people. In addition to those that came with the acquisition of General, Worthington's brands include Coleman, Bernzomatic, Balloon Time, and Mag Torch.
Worthington's WAVE joint venture with Armstrong is described as the North American leader in innovative ceiling solutions.