AFC Industries Acquires Master Distribution

Bought through Incline Equity Partners, Master is a distributor of channel and pipe fittings, along with related fasteners and accessories.

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Incline Equity Partners, a Pittsburgh-based private equity firm, announced Aug. 27 that its portfolio company, AFC Industries, has acquired Master Distribution. Master is a value-added distributor of channel and pipe fittings as well as related fasteners and accessories such as nuts, clamps, screws, washers, bolts, brackets and post bases.

Based in Brunswick, OH, Master maintains a comprehensive portfolio of difficult-to-source products used across diverse applications among commercial, industrial, infrastructure, utility and energy end markets. As a result of the company’s strong inventory management and warehousing capabilities, Master Distribution is able to create bespoke product programs for its customers, including packaging and labeling of orders in order to meet their needs on a just-in-time basis.

Kevin Godin, CEO of AFC, said, “The acquisition of Master extends the boundaries of our core business by adding a robust line of adjacent products. We are excited to apply our institutional experience and expertise to fuel growth at Master.”

This is the 11th acquisition for Fairfield, OH-based AFC since partnering with Incline in March 2015. Given the highly fragmented market, AFC plans to continue partnering with distributors that add to its product portfolio, expand its geographic footprint and enhance its presence in existing markets.

Afc Industries Logo ColorJohn Morley, Partner with Incline, added, “AFC showed tremendous resiliency through the recent market disruption, largely driven by the customer and end market diversification.  This acquisition further strengthens their position in the market by expanding their reach through additional product offerings.”

Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm investing in manufacturing, distribution and business services companies. Incline is generally seeking growing companies with enterprise values of $25 – $450 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.

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