The Fastway Group, a subsidiary of Mill Street & Co, has acquired Impact Tools, a Toronto-based provider of industrial power tool equipment. No financial terms were released. Fastway, which operates in the same sector, said the deal strengthens its presence in the Toronto market. Mill Street, a Canadian private investment firm, invested in Fastway last year. The company was created through acquisitions of Toronto’s Speed Fastening Systems Inc and Port Perry, Ontario’s Uxport Tools Inc.
The Fastway Group Acquires Impact Tools
Toronto, August 10, 2017 – Mill Street & Co. (“Mill Street”), is proud to announce, its subsidiary, The Fastway Group (“Fastway”) has completed the acquisition of Impact Tools (“Impact”). For 42 years, Impact has been providing industrial power tool equipment to a broad range of customers through its location in Toronto’s west-end and online.
“Impact dramatically strengthens our presence in the Greater Toronto Area,” says Geoff Reed, Fastway’s President. “Since it opened in 1975, Impact has built an enviable reputation in its market. Thanks to its dedicated team, a loyal customer base continues to rely on Impact for its breadth of product, delivered through exceptional service, deep product knowledge and expertise.”
“Impact is a strong addition to The Fastway Group on a number of levels,” comments Mill Street President, Noah Murad. “This is an accretive acquisition with strong cash flow that will deliver immediate value to Mill Street investors. Significant product depth and expertise in the industrial power tools segment will deliver enhanced value to Fastway’s customers, while providing the group with a noteworthy boost in purchasing power. We are thrilled to welcome the Impact team to the Fastway and Mill Street families.”
About Mill Street & Co. Mill Street & Co. is a diversified investment company committed to creating sustainable, long-term growth through the intelligent application and management of capital. Mill Street actively manages its investments with the goal of providing its investors with stable returns exceeding major indices and mutual funds. Mill Street invests primarily by purchasing equity positions in private and public companies. www.millstreetco.com
For further information: Noah Murad, President E: email@example.com T: 905-764-5645
Photo courtesy of Reuters/Stefan Wermuth