U.S. private equity firm Riverside Co has acquired SureWerx, a Vancouver-based supplier of professional tools, equipment and safety products for workers across North America.
No financial terms were disclosed.
The seller was Penfund, a Canadian junior capital provider.
In 2012, Penfund acquired JET Equipment & Tools Ltd and its affiliates from Diamond Investment Group and merged them to form SureWerx.
During Penfund’s ownership period, SureWerx closed four add-on deals and increased its presence in Canadian and U.S. safety markets.
In a statement, Riverside said it will partner with existing management, led by CEO Chris Baby, to further expand the company’s product platform.
Established in 1957, SureWerx serves more than 3,500 customers.
Penfund Completes Sale of SureWerx to The Riverside Company
TORONTO, Ontario (November 2, 2018) Penfund, an independent provider of junior capital to middle market companies in the United States and Canada, announced today the sale of SureWerx, a leading North American supplier of tools, equipment and safety products, to The Riverside Company. Financial terms of the transaction were not disclosed.
Six years ago, Penfund Fund Capital IV Limited Partnership acquired three companies, JET Equipment & Tools, Pioneer Protective Products and American Forge & Foundry, which it merged to form SureWerx. During Penfund’s ownership period, SureWerx completed four tuck-in acquisitions, materially increased its presence in the safety market in both Canada and the U.S. and made significant investments in people and infrastructure to create a scalable platform.
“We are very proud of what SureWerx accomplished under our ownership,” stated Richard Bradlow, a Partner at Penfund. “We are thankful to management for being terrific partners with not only great vision for the business but also the ability to execute this vision. We believe the business is well positioned for growth and wish SureWerx much success in its partnership with Riverside.”
Chris Baby, President & CEO of SureWerx added, “With the support of Penfund, our team has worked diligently over the past six years to build an outstanding platform for growth, and we are grateful for the unwavering support they have given us. This transition represents a significant milestone for our company.”
Co-headquartered in Vancouver, British Columbia, and Elgin, Illinois, SureWerx™ is a leading supplier of professional tool, equipment and safety products for workers. SureWerx markets its products in Canada under the JET®, Strongarm®, ITC®, STARTECH®, Pioneer®, Ranpro®, PeakWorks®, and Sellstrom® brands, and in the United States under the American Forge & Foundry®, Pioneer, Ranpro, PeakWorks, and Sellstrom brands. SureWerx offers unparalleled access to its brands through its partner distributor network servicing the industrial, construction, safety, and automotive aftermarket in North America.
Websites: www.surewerx.com and www.surewerx.ca.
Penfund is a leading provider of junior capital to middle market companies throughout North America. The firm is owned by its management team and is currently investing its most recently established fund, Penfund Capital Fund VI. Penfund manages funds sourced from pension funds, insurance companies, banks, family offices and high-net-worth individuals and has invested more than C$3 billion in over 225 companies since its establishment in 1979. Assets and capital under management exceed C$1.5 billion.