Nautic Partners LLC has completed the acquisition of LindFast Solutions Group in partnership with LindFast management.
Headquartered in Blaine, MN, LindFast is a master distributor of specialty fasteners in the North American market, supplying national, regional and local distributors through its metric (Lindstrom) and imperial (Stelfast) product brands. As a master distributor, LindFast provides a deep inventory as a “virtual warehouse” of approximately 130,000 low volume SKUs that distribution customers need but are non-economical to inventory and source themselves. The SKUs include specialty products that can be difficult to source due to their unique length, diameter, thread pitch, metal choice, or finish. LindFast also provides value‐added services such as break bulk, packaging, kitting, plating, coating and guaranteed stock programs.
LindFast CEO Neil Yeargin described the Nautic acquisition as an opportunity “to grow our business and further enhance our customer experience. Our brands and customer relationships are strong today and will only improve as a result of this new partnership.”
Nautic managing director Chris Pierce commented that “LindFast has a deep, experienced management team and a great culture across the organization. We are thrilled to partner with them to support the company’s organic growth and cross-selling initiatives, as well as to pursue selective acquisitions in LindFast’s fragmented market.”
Pierce noted Nautic’s previous acquisition of Endries International “enabled us to have early conviction on the LindFast opportunity.”
Wisconsin-based Entries was founded in 1970 and now manages 500,000 SKUs. Web: Endries.com
Nautic VP Sean Wieland noted LindFast’s market leadership and said Nautic believes “the company has significant runway to continue to capitalize on its position of scale in the market to offer additional value-added services to the customer base, and we are excited to work with the management team on those efforts.”
Virg Lindstrom founded Lindstrom Metrics Inc. in 1983 after developing an interest in metrics while working for another Minnesota company. Today Lindstrom has branches in five U.S. states plus Toronto, and is headquartered at 2950 100th Court NE, Blaine, MN 55449. Tel: 763 780-4200 Web: LindstromFasteners.com
Stelfast was founded in 1972 as Eses Limited, a manufacturer of industrial gears and screw machine parts. Stelfast was subsequently formed in 1976. Stelfast now has locations in seven U.S. states plus Toronto and Montreal, and is headquartered at 22979 Stelfast Pkwy., Strongsville, OH 44149. Tel: 800 729-9779 Web: Stelfast.com
Rhode Island-based Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrial products and outsourced services. Nautic has completed 130 platform transactions during its 30-year history.
Nautic’s strategy is to partner with management teams to accelerate the growth via add-on acquisitions, targeted operating initiatives and increased management team depth. Nautic generally makes equity investments of $25 million or more. Web: Nautic.com
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