9/12/2012 12:01:00 AM
NEWS BRIEFS
Done with Fasteners, On To Tubing

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Steve Karol
+ click to enlarge

Steve Karol

Former Vertex Distribution owner Watermill Group acquired two metal tubing manufacturers – Fine Tubes Ltd. in Plymouth, UK, and Superior Tube Company Inc. in Collegeville, PA. 
Watermill, a private investment firm, said it will help the two specialized metals companies “combine forces to create a global leader in high-performance metal tubing.”

“Watermill was attracted to the unique, high quality and highly technical capabilities of these companies,” stated Watermill Group founder and managing partner Steven E. Karol. “Our vision is to capitalize on the complementary strategic, technical and market strengths at each company to develop a thriving industry leader that can scale its production and grow alongside its customers.”

Watermill touted its “extensive metals industry expertise.” The firm is the previous owner of Latrobe Specialty Metals Co., now owned by Precision Castparts. 

Watermill also owned Vertex Distribution, which was acquired in 2008 by DXP Enterprises for approximately $65 million. 

Vertex Distribution is a North American master distributor of industrial fasteners and hose clamps, distributing corrosion-resistant and metric fasteners. Vertex moved its headquarters to Massachusetts from Rhode Island and operates facilities in Georgia, North Carolina, Illinois, Ohio, Texas, California, Massachusetts and Florida. 

Vertex traces its history to founding by Joseph Jenks in the early 1800s. In 1972, current CEO David Hirsch and his family acquired Vertex. 

Vertex Distribution was formed when Main Street Resources, a private equity firm and owner of Pawtucket Fasteners LLC, acquired the net assets of West-Spec Partners in 2003. Pawtucket included Bell Fasteners, Zelenda Metric and Stillwater Fasteners. 

Watermill Ventures Ltd. acquired Vertex in 2005.

Vertex Distribution is headquartered at 523 Pleasant St. Bldg.10, Attleboro, MA 02703. Tel: 508 431-1120 E-mail: sales@vertexdistribution.com Web: vertexdistribution.com ©2012 GlobalFastenerNews.com