CPE News (7/21/2021) – JGB Enterprises, Inc., a portfolio company of HCI Equity Partners, has recently acquired Industrial, Petroleum and Mining Supplies Limited dba HosePower Canada.
The transaction closed on June 10, 2021. Financial terms were not disclosed.
Led by President Mark Forget, Whitby, Ontario based HosePower Canada is a distributor of hydraulic, industrial and propane hose, fittings and accessories. The company has six locations across Canada and serves more than 3,000 customers across a variety of end markets including forestry, mining, construction, agricultural, and diversified industrials.
Liverpool, New York based JGB Enterprises, Inc. is a leading supply chain management and logistics service provider of industrial hose, fluid power products and hose assembly solutions to industrial and government end markets.
About HCI Equity Partners
HCI Equity Partners, a lower middle market private equity firm, acquired JGB Enterprises in December 2018.
HosePower Canada is JGB’s first add-on acquisition. The acquisition provides JGB entry into the Canadian market and access to a complementary product portfolio and service capabilities.
photo credit: HosePower Canada
News Release
HCI Equity Partners’ Backed JGB Enterprises, Inc. Acquires Industrial, Petroleum and Mining Supplies
JGB Expands into Canada with First Add-on Acquisition
WASHINGTON, July 21, 2021 /PRNewswire/ — JGB Enterprises, Inc. (“JGB”), backed by HCI Equity Partners (“HCI”), announced it recently acquired Industrial, Petroleum and Mining Supplies Limited d/b/a HosePower Canada (“IPM” or the “Company”).
JGB is a leading supply chain management and logistics services distributor of industrial hose, fluid power products, and hose assembly solutions throughout a diverse set of end markets including the U.S. Department of Defense, oil and gas, food and beverage, retail, construction, and industrial OEMs. The acquisition of IPM provides JGB entry into the attractive Canadian market and access to a complementary product portfolio and service capabilities.
Headquartered outside of Toronto, IPM is a distributor of hydraulic, industrial and propane hose, fittings and accessories. The Company has six locations across Canada and serves more than 3,000 customers across a variety of end markets including forestry, mining, construction, agricultural, and diversified industrials.
“IPM is a market-leading distribution platform in an industry where JGB has extensive experience and success, and we believe it represents a compelling opportunity to drive operating improvements and geographic expansion,” said Kevin Kilkelly, President of JGB Enterprises.
HCI Managing Partner Doug McCormick commented, “IPM is an exciting acquisition that will accelerate JGB’s growth while also expanding the company’s ability to serve its customers with a robust line of industrial and hydraulic products. We look forward to supporting the JGB team with additional capital as it continues to execute its acquisition growth strategy.”
Greenberg Traurig, LLP and McMillan LLP served as legal counsel to JGB. CIBC Mid-Market Investment Banking acted as the exclusive financial advisor to IPM. Folger, Rubinoff LLP served as legal counsel to IPM and Baker Tilly LLP advised on accounting and tax matters.
The deal closed on June 10, 2021. Terms of the transaction were not disclosed.
About JGB Enterprises, Inc.
JGB Enterprises, Inc. is a leading supply chain management and logistics service provider of industrial hose, fluid power products and hose assembly solutions to industrial and government end markets. JGB is headquartered in Liverpool, NY with additional locations in Buffalo, NY, North Carolina, Missouri, and Texas. For more information, please visit www.jgbhose.com.
About HCI Equity Partners
HCI Equity Partners is a lower middle market private equity firm focused on partnering with family and founder owned distribution, manufacturing and service companies. HCI is headquartered in Washington, DC. For more information, please visit www.hciequity.com.
Contacts:
Kelsey Clute, VP, Director of Communications, HCI
kclute@hciequity.com
Lisa Baker, Lambert PR
lbaker@lambert.com
SOURCE HCI Equity Partners