VANCOUVER -- Penfund, a leading Canadian private equity firm, and Diamond Investment Group Ltd., a private family owned investment company, announced today the sale of JET Equipment & Tools Ltd. ("JET") and its subsidiaries Pioneer Protective Products Ltd. ("Pioneer") and American Forge & Foundry Inc. ("AFF") to Penfund.
Founded in the 1950's and headquartered in Vancouver, British Columbia, JET is a Canadian wholesale distributor and marketer of branded professional tools, material handling equipment, automotive and heavy duty lifting equipment, abrasives and outdoor power equipment. Pioneer is a Canadian supplier of safety and protective apparel. AFF is a supplier of automotive and heavy duty lifting equipment in the United States.
JET operates an extensive wholesale distribution network with six warehouses across Canada and employs over 170 people. JET's products are sold through independent distributors and retailers who supply the industrial sector, automotive and heavy duty aftermarket and outdoor power equipment market.
"JET and its subsidiaries are market leading suppliers of professional grade tools and equipment. The company has strong brands, long standing customer relationships, an extensive distribution and sourcing network and a proven management team," said Richard Bradlow, a Partner at Penfund. "JET's strong market position combined with Penfund's significant investment experience in the automotive aftermarket and industrial distribution sector make this acquisition a compelling investment opportunity and excellent platform for future growth."
"We are proud of JET, Pioneer and AFF and the respect they have earned from their customers and suppliers. We are also excited by the opportunities for future growth given Penfund's excellent track record and relevant experience." said Craig Diamond, President of Diamond Investment Group Ltd.