1/6/2016 11:11:00 AM
NEWS BRIEFS
AIT Acquires HUB Industrial Supply
Gabriel Curry
Applied Industrial Technologies acquired HUB Industrial Supply, a distributor of consumable industrial products including fasteners. Terms of the sale were not announced.
In August 2015 AIT acquired Atlantic Fasteners (see 2015 FIN article below).
Founded in 1990 by Mark Magstadt, HUB operates in Florida, Indiana and Nevada, and has 52 employees. HUB’s industrial products include fasteners, saw blades and cutting tools, abrasives, safety supplies and paints. HUB is headquartered at 371 SW Ring Crt, Lake City, FL 32025. Web: hubindustrial.com
HUB is headed by general manager Gabriel Curry, who joined the company in 1996 as the first outside sales rep.
Applied CEO Neil Schrimsher described the HUB acquisition as “an excellent strategic fit that further strenghens and diversifies our Applied Maintenance Supplies & Solutions business,” citing HUB’s use of e-commerce, target marketing and service in vertical markets.
“Overall, our collective customer focus and growth initiatives are well aligned.”
HUB will operate as a subsidiary of Applied MSS under the name HUB Industrial Supply LLC.
Founded in 1923 as the Ohio Ball Bearing Company, Applied is an industrial distributor of five million parts for MRO and OEM customers. Applied provides engineering, design, systems integration, shop service, maintenance training and inventory management.
In addition to Atlantic Fasteners, Applied has acquired more than a dozen companies in the past five years.
Applied (NYSE: AIT) has 570 facilities in the U.S., Puerto Rico, Mexico, Canada, Australia and New Zealand, and is headquartered at 1 Applied Plaza, Cleveland, OH 44115. Tel: 216 426-4000 Web: Applied.com ©2016 GlobalFastenerNews.com
2015 FIN ? Applied Industrial Tech Acquires Atlantic Fasteners
August 18, 2015 FIN – Applied Industrial Technologies acquired the 100% employee-owned, Massachusetts-based commercial and aerospace hardware distributor Atlantic Fasteners.
Atlantic Fasteners was founded in 1981 by Patrick O’Toole and Carol Peters. In 2005 they sold the company to employees.
“Atlantic Fasteners provide the market presence, products ad capabilities to further enhance our Applied Maintenance Supplies & Solutions offering to a broad array of industrial customers,” Applied CEO Neil Scheimaher said. “They are an ideal fit with our business strategy and growth plans.”
Terms of the sale were not announced. In 2005 the Springfield Republican newspaper reported the employee acquisition was valued between $5 million and $10 million with half the fund from a bank loan and half from a 12-year loan from the owners.
Applied Industrial (NYSE: AIT) is an industrial distributor of five million parts to MRO and OEM customers. Applied also provides engineering, design and systems integration for industrial and fluid power applications and customized mechanical, fabricated rubber and fluid power shop services; maintenance training and inventory management. Web: applied.com
Applied was founded in 1923 by Joseph Burning as the Ohio Ball Bearing Company. First year sales totaled $82,000. In 1953 the name was changed to Bearings Inc. and shares were sold on the American Stock Exchange. In 1965 shares began being sold on New York Stock Exchange.
In 1995 sales topped a billion dollars and in 1997 the company name became Applied Industrial Technologies. Over the decades Applied has made dozens of acquisitions. By 2007 sales topped $2 billion.
Today Applied has 570 facilities in the U.S., Puerto Rico, Mexico, Canada, Australia and New Zealand and is headquartered at 1 Applied Plaza, Cleveland, OH 44115. Tel: 216 426-4000 Web: applied.com
Atlantic Fasteners is an ISO 9001:2008 and AS9120 certified distributor that stocks 15,080 varieties of inch and metric fasteners. Earlier this year, Atlantic Fasteners completed moving from West Springfield, MA, to a 44,500 sq ft facility in neighboring Agawam, consolidating all employees under one roof at 92 H.P. Almgren Dr., Agawan, MA 01001. Tel: 800 800-2658 Web: atlanticfasteners.com ©2015 GlobalFastenerNews.com
For more on Atlantic Fasteners check the Fastener History section of GlobalFastenerNews.com:
2011 FIN – O’Toole: Bar Coding Key to 30 Years of Atlantic Fasteners Growth
“Bar coding put our error rate near zero. The key to this business became the computer. It gave us a strong advantage.”
2005 FIN – O’Toole Sells Atlantic to Employees
Founded in 1981 by O’Toole and Peters.
2011 FIN – Atlantic Fasteners Celebrates 30 Years As Chairman Retires
In 1986, Atlantic’s first guarantee of next-day delivery, backed by the promise of a $50 credit, demonstrated the company’s early expertise in inventory management….
Related Links:
Share: