Nautic Partners, LLC agreed to acquire, in partnership with management, Endries International, Inc. and certain Endries related affiliates from Ferguson Enterprises and its affiliates for $246.8 million.

The transaction is expected to close within 45 days.

Endries, founded in 1970 by Bob & Pat Endries in the basement of their Wisconsin home with $5,000 capital, was acquired by Ferguson in 2005.

Endries distributes fasteners and Class-C parts to OEMs worldwide. From its headquarters in Brillion, WI, and eight U.S. and international distribution centers, Endries provides 500,000 SKUs. Endries operates primarily through a VMI model, managing C-part categories for diverse industrial end market customers. Web: Endries.com

CEO Steve Endries said that “in Nautic we found a philosophy and approach that is aligned with what is core to Endries. Together, we look forward to building upon the foundation that has been established while delivering innovative value-added solutions and services to our customers.”

Nautic managing director Chris Pierce described Endries as “a very well-run company with an excellent management team and great culture. We look forward to supporting the company’s organic growth initiatives and we are particularly enthusiastic about the Pulse RFID offering. We will also work with management to pursue selective acquisitions in Endries’ fragmented market.”

Ferguson VP for industrial strategy Rob Braig termed Endries “ a world-class OEM/fastener distributor and has been a valued member of the Ferguson portfolio of companies for a number of years. We are confident that Nautic will help Endries continue to grow and provide additional opportunities for the business and its associates in the future.”

BMO Harris Bank N.A. will lead the financing. BB&T Capital Markets acted as financial advisor to Ferguson. Locke Lord LLP represented Nautic and Morgan Lewis & Bockius represented Ferguson.

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 over 125 platform transactions throughout its 30-year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions and targeted operating initiatives. Web: Nautic.com

Virginia-based Ferguson distributes residential and commercial plumbing supplies and pipe, valves and fittings in the U.S, plus HVAC/R equipment, waterworks and industrial products and services. Founded in 1953, Ferguson has sales of $13 billion and approximately 23,000 associates in almost 1,400 locations. Ferguson and its subsidiaries serve customers in all 50 states, Puerto Rico, Mexico and the Caribbean.

Ferguson is part of Wolseley plc, which is listed on the London Stock Exchange (LSE: WOS) and on the FTSE 100 index. Web: Ferguson.com and Wolseley.com

For more information on Endries, go to the Fastener History section of GlobalFastenerNews.com:

2010 FIN – College Honors Robert Endries

2005 FIN – Steve Endries Remains With Company After Sale to Ferguson