Fastenal Co. purchased certain assets of vending specialist Apex Industrial Technologies LLC for an undisclosed sum.

“Fastenal and Apex have worked together since 2008 to develop a vending delivery platform that today is the leading solution in the industrial and commercial marketplace,” Fastenal stated in a March 30 filing to the SEC.  “Apex’s contributions to this achievement have been to create and develop the software, design the equipment, and build the vending equipment supply chain.”

Fastenal said the 12-year collaboration “established a new platform within industrial and commercial supply chains, with more than 105,000 product dispensing and leased devices across 23 device types in 25 countries that generated more than $1.1 billion in sales in 2019.”

In connection with this transaction, Fastenal purchased a perpetual use of key patents, designs, software and licenses, as well as direct access to the supply chain.

“Fastenal’s founder, Bob Kierlin, conceived of industrial vending at the company’s inception in 1967,” explained CEO Dan Florness.  “This transaction allows both organizations to move forward with their unique strategic plans while still providing an avenue for additional collaboration.”

Fastenal will report first quarter sales and earnings on April 14.  Web: Fastenal.com