MSC Industrial buys fasteners and components distributor Tower Fasteners
MSC Industrial Supply, a distributor of metalworking and maintenance, repair, and operations (MRO) supplies, has acquired Tower Fasteners, a New York-based distributor of original equipment manufacturer (OEM) fasteners and components.
The financial terms of the deal were not disclosed.
MSC Industrial Supply made the acquisition through its subsidiary — All Integrated Solutions (AIS). The deal is said to grow MSC Industrial Supply’s footprint in the OEM fastener market, which it forayed in 2018 via the acquisition of All Integrated Solutions.
Erik Gershwind — MSC Industrial Supply President and CEO said: “We are excited to add Tower Fasteners to our growing portfolio of businesses, all focused on helping manufacturers solve their mission-critical challenges.
“Tower will expand our presence in the OEM fastener market and provide an entrée into new end markets like electronics and medical equipment. We look forward to supporting the growth and success of their customers together.”
As per the terms of the deal, Tower Fasteners will continue operations under its present name after becoming an MSC company.
Its president — Mark Shannon will continue to head the business, which has a workforce of nearly 100 associates.
The last year revenue of Tower Fasteners was around $35 million.
Mark Shannon said: “MSC is a recognized and respected leader in the industrial supply distribution industry. We’re excited to join forces with MSC and AIS to bring even greater value to our customers.”