Vandalia, OH – Triad Technologies, LLC, a leading distributor of fluid power and automation products, announced today it has acquired the Pennington Rubber Company and its in-house affiliate OEM Hose and Services, Inc. to further expand its product offering in key markets. Pennington Rubber Company is headquartered in Cincinnati, Ohio where it has served regional customers for over 50 years.
Pennington Rubber Company is a full-line industrial hose and accessory distributor that supplies products to both original equipment manufacturers and end users. Pennington operates as a certified cut-and-couple hose assembler for Goodyear Engineered Products and provides customized solutions for industrial, mobile and institutional customers. It is known as a leader in its served market and enjoys an exceptional reputation with its manufacturers and customers.
“Pennington is a very appealing add-on with a great customer base. We can now offer an expanded line of industrial hose products, backed by best-in-class service, across our entire territory,” explains Doug Wissman, President and CEO at Triad Technologies, LLC. He agrees that the combined companies will create a synergy that allows them to compete more effectively. Wissman adds, “Our customers depend on us to provide the products and services that keep their businesses running. With the addition of Pennington, Triad enhances its ability to serve its customers and grow at an accelerated pace.”
John Pennington, President of Pennington Rubber Company, assures an orderly transition of the company that he and his father Max Pennington founded in 1961. Moving forward, he will play a major role in supporting the sales activities of the company. Pennington states, “We are in a better position than ever to meet the needs of our customers. Our combined strength will increase immediately which will benefit every customer we serve.”
The transaction was completed through the investment firm Whitestone Associates, LLC, of Centerport, NY. The terms of the purchase were not disclosed.
About Triad Technologies, LLC:
Triad Technologies, LLC is a leading Ohio-based distributor of hydraulic, pneumatic, electromechanical, filtration and lubrication technologies. Triad provides product expertise, critical application knowledge and custom solutions to its customers with an emphasis on value-added services. The company was founded in 2002 with the merger of Triad Fluid Power, Inc., Air-Draulics, Inc., and the Parker Fluid Connector product lines from Midwest Fluid Power Company. With seven locations throughout Ohio, Triad serves Western Ohio, Southeast
Michigan and Northern Kentucky. For more information on Triad Technologies, LLC, visit: www.triadtechnologies.com.
About Whitestone Associates, LLC:
Whitestone Associates is a niche market investment firm, specializing in the fluid power industry that provides transactional services, including mergers-and-acquisitions facilitation, strategic planning, business development, and capital investment. For more information on Whitestone Associates, LLC, visit: www.whitestone.net.
