Industrial hose, fluid power and hose assembly products distributor JGB Enterprise announced Wednesday that, backed by HCI Equity Partners, it has acquired Industrial Petroleum and Mining Supplies Limited (IPM), which does business as HosePower Canada and is based 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 end markets that include 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.
The deal closed on June 10. Terms of the transaction were not disclosed.
Liverpool, NY-based JGB has been a regular on Industrial Distribution's annual Big 50 List, charting at No. 44 in 2020.
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.
Besides its Liverpool, NY headquarters, JGB has additional locations in Buffalo, NY; North Carolina, Missouri and Texas.
Washington, DC-based HCI Equity Partners is a lower middle market private equity firm focused on partnering with family and founder owned distribution, manufacturing and service companies.