Nautic Partners LLC said May 18 that it agreed to buy Endries International Inc and certain Endries related affiliates from Ferguson Enterprises and its affiliates. Financial terms weren’t announced. Endries, of Brillion, Wisconsin, distributes fasteners and Class-C parts serving industrial Original Equipment Manufacturers worldwide.
PROVIDENCE, R.I.–(BUSINESS WIRE)–Nautic Partners, LLC (“Nautic”) is pleased to announce that it has entered into a definitive agreement to acquire, in partnership with management, Endries International, Inc. (“Endries”) and certain Endries related affiliates from Ferguson Enterprises and its affiliates. The transaction is expected to close within the next 45 days.
Endries is a leading distributor of fasteners and Class-C parts serving industrial Original Equipment Manufacturers (“OEMs”) worldwide. From its headquarters in Brillion, WI and eight U.S. and international distribution centers, Endries provides over 500,000 SKUs to its customer base. Endries operates primarily through a vendor managed inventory model, managing C-part categories for its customers across diverse industrial end markets. Endries partners with OEM customers through robust replenishment systems that provide products and support services which are critical to maintaining the manufacturing process.
“In Nautic we found a philosophy and approach that is aligned with what is core to Endries. Together, we look forward to building upon the foundation that has been established while delivering innovative value-added solutions and services to our customers,” said Steve Endries, CEO of Endries.
Chris Pierce, a Managing Director of Nautic, said, “We are excited to partner with the Endries team. Endries is a very well-run company with an excellent management team and great culture. We look forward to supporting the company’s organic growth initiatives and we are particularly enthusiastic about the Pulse RFID offering. We will also work with management to pursue selective acquisitions in Endries’ fragmented market.”
“Endries is a world-class OEM/fastener distributor and has been a valued member of the Ferguson portfolio of companies for a number of years,” said Rob Braig, Ferguson’s Vice President of Industrial Strategy. “We are confident that Nautic will help Endries continue to grow and provide additional opportunities for the business and its associates in the future.”
BMO Harris Bank N.A. will lead the financing for the transaction. BB&T Capital Markets acted as financial advisor to Ferguson. Locke Lord LLP represented Nautic in the transaction and Morgan Lewis & Bockius represented Ferguson.
For over 40 years, Endries has worked with OEMs and has built its business around supporting manufacturers. Today Endries manages over 500,000 SKU’s, including various fasteners and related production components, and has annual sales in excess of $250 million. For more information, please visit http://www.endries.com.
Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrial products, and outsourced services. Nautic has completed over 125 platform transactions throughout its 30-year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions and targeted operating initiatives. For more information, please visit www.nautic.com.
Ferguson (www.ferguson.com) is the largest wholesale distributor of residential and commercial plumbing supplies and pipe, valves and fittings in the U.S. The company is also a major distributor of HVAC/R equipment, waterworks and industrial products and services. Founded in 1953 and headquartered in Newport News, Va., Ferguson has sales of $13 billion and approximately 23,000 associates in almost 1,400 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean. Ferguson is part of Wolseley plc (www.wolseley.com), which is listed on the London Stock Exchange (LSE: WOS) and on the FTSE 100 index of listed companies.