Boss Manufacturing Company has agreed in principle to sell its glove, boots and rainwear business to Boston-based Protective Industrial Products Inc, a supplier of personal protective equipment. No financial terms were disclosed. PIP is a portfolio company of Audax Group.
KEWANEE, Ill., Nov. 25, 2019 /PRNewswire/ — Boss Manufacturing Company (“Boss”), a national supplier of personal protection equipment, announced today that it has reached an agreement in principle to sell the assets of its glove, boots, and rainwear business to Protective Industrial Products, Inc. (“PIP”) of Latham, New York. Specific terms of the deal have not been announced with the transaction expected to close within thirty days.
Boss, a wholly owned subsidiary of Boss Holdings, Inc. (BSHI), is the oldest U.S. work glove company with operations dating back to 1893 and has been a leading supplier of work gloves and personal protective gear to both the consumer and industrial markets, including CAT® branded work gloves and safety products. PIP is an international supplier of personal protective equipment and is a portfolio company of Audax Group, a diversified private equity firm headquartered in Boston, Massachusetts with over 20 years of middle market experience and strategic investments in over 130 companies.
Boss Chief Operating Officer, Richard Bern, stated, “We feel a deal with PIP will be a natural fit for both companies. We believe the synergies of a combination of our businesses will position this partnership for future success.” The acquisition of Boss will further solidify PIP’s position as a global leader in hand protection and general safety products.
Boss plans to utilize a portion of the proceeds from the sale to pay off its existing debt and credit facility. After the sale, Boss and Boss Holdings would retain their Kewanee, Illinois headquarters, warehouse facilities and the majority of its operating staff. If completed, the transaction will provide Boss Holdings financial flexibility for its remaining businesses and working capital needs.
Other subsidiaries of Boss Holdings Inc. include:
Boss Pet Products, Inc. and PetEdge LLC, headquartered in Oakwood Village, Ohio and Beverly, Massachusetts, respectively, nationwide distributors of a broad line of pet toys and pet supplies to retailers and an industry-leading ecommerce marketer of pet grooming products to pet groomers, boarders, veterinarians and individual consumers through PetEdge.com.
Galaxy Balloons, Incorporated, based in Cleveland, Ohio, a leading supplier of imprinted balloons, sport balls, ornaments and drinkware to the promotional products industry.
Boss Tech Products, Inc. d/b/a Aries Manufacturer, a distributor of a wide range of cell phone accessories, including Cat® branded chargers, power packs, cords and speakers.
This press release may contain various forward-looking statements. Such forward-looking statements involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from those matters expressed in or implied by such forward-looking statements. They involve known and unknown risks, uncertainties, and other factors, which are in some cases beyond the control of the company.
ABOUT BOSS MANUFACTURING
Over 125 years of excellence. Building great things takes trust. Trust in talent. Trust in skills. Trust in tools. Since 1893, industrial workers, retailers, hobbyists and distributors have trusted Boss Manufacturing to deliver the safety wear and support they need for every situation. Today, Boss continues to respond to the urgent needs of our customers. Boss keeps up with emerging technologies to continue to offer innovative glove designs for changing work environments. As the oldest glove company in the United States, Boss has developed the infrastructure, inventory and relationships needed to ensure our customers and partners always have everything they need to succeed -as soon as they need it. Additional information about Boss Manufacturing is available at www.bossgloves.com.
ABOUT PROTECTIVE INDUSTRIAL PRODUCTS
PIP’s global mission of “Bringing the Best of the World to You®” is fulfilled every day by way of its portfolio of companies and brands. Protective Industrial Products (PIP) is a leader in providing innovative safety products to wholesalers and distributors in the industrial channels. PIP, along with its recognized leading brands: G-Tek®, Assurance®, Kut-Gard, QRP®, Maximum Safety®, Dynamic® and most recently, Uniform Technology® and Boss® Manufacturing, are relied upon for personal protection by workers every day. West Chester® offers safety products to leading retail customers under the Safety Works®, Brahma®; Mud®; West County Gardener® and Hearos®, brands as well as some of the world’s most recognized and licensed brands. Additional information about PIP is available at www.pipglobal.com.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $26 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 130 platforms and 825 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.