Wasmer & Investors Acquire Parts Associates

John Wolz

George Wasmer has returned from retirement to lead a team of investors to acquire Cleveland, OH-based Parts Associates Inc. \
Founded in 1948, Parts Associates is an MRO distributor with warehouses in Atlanta and Dallas.
“Our goal is simply to grow the company into the next generation by building upon the principles and objectives that have made PAI a leader in the industry since it began in 1948–over a half-century ago,” Wasmer told FIN.
Parts Associates supplies the industrial maintenance, equipment rental, off-road equipment, fleet, construction, mining and automotive aftermarkets. PAI “emphasizes American made quality products and maintains an inventory of more than 28,000 service items.”
Wasmer retired in 1996 after 18 years as president of Lake Erie Screw Corp. He was chair of the Industrial Fasteners Institute in 1990-91 and a member of the Public Law Task Force. In a letter to customers, Wasmer said PAI will embrace new technology to enhance service. Wasmer and the late Jeff Ferry founded 1stFastener.com in 2000.
The team of PAI investors includes Wasmer, who will serve as president, and Tom Sullivan, former CEO of RPM. Stuart Collins will join PAI as chief financial officer.
Parts Associates is headquartered at 12420 Plaza Dr., Cleveland, OH 44130. Tel: 216 433-7700 or 800 321-1128 Fax 216 433-9051 E-mail: Gwasmer@pai-net.com Web: pai-net.com. � 2003 FastenerNews.com