Great Lakes Fasteners in Grand Rapids distributes a range of products such as clips. Photo via glfasteners.com
A local fastener distributor founded in 1937 has been acquired by a private equity-backed company from out of state.
New York-based High Road Capital Partners said today that its portfolio company All Integrated Solutions, or AIS, in Franksville, Wisconsin has acquired Great Lakes Fasteners in Grand Rapids.
Terms of the deal were not disclosed.
Great Lakes Fasteners is a “value-added” distributor of fasteners and industrial components and provides vendor-managed inventory, or VMI, programs to original equipment manufacturers, or OEMs.
Ben Schnakenberg, partner at High Road Capital Partners, said Great Lakes Fasteners' focus on custom VMI programs and high-touch customer service “are a compelling fit with AIS.”
Schnakenberg also said the acquisition expands AIS's reach into Michigan and the automotive and material handling industries and “solidifies AIS's position" in the upper Midwest.
Jim Ruetz, CEO of AIS, said his company is “excited to introduce our expertise” in production components and assembly tools, as well as maintenance, repair and operations, or MRO, products to Great Lakes Fasteners.
Ruetz said the company also looks forward to leveraging Great Lakes Fasteners' capabilities in value-added kitting and small assembly services across AIS.
"We are proud of the Great Lakes Fasteners team's achievements over the past forty years, and we are excited to have found in AIS and High Road the right partners to build upon that success going forward," said Gordon Vandermeulen, chairman, Great Lakes Fasteners.
Great Lakes Fasteners is the third acquisition completed by AIS under High Road's ownership.