EAST HARTFORD, Conn. — NEFCO, a premier specialty supply partner to the professional construction trades, on Wednesday announced the acquisition of Modern Fasteners, a Pennsylvania-based distributor in the construction supply industry.
The move marks NEFCO’s eighth acquisition since 2022 and expands its branch network to 41 locations – strengthening its commitment to be the single best partner to contractors whenever they build.
Modern Fasteners Inc. was founded in 1970 by William Damm under the name Modern Tool & Equipment. In 1998, Modern Tool & Equipment Inc. became Modern Fasteners Inc., at which time the owners were William Damm, Gary Damm and Michael Damm. In 2004, William Damm retired and in 2016, Gary Damm retired, leaving Michael Damm as the sole owner. In 2017, Michael’s wife, Marie, joined her husband in the family business, and they continue to work side by side to this day.
Matthew Gelles, president and CEO of NEFCO, expressed his enthusiasm about the acquisition:
“We are all excited to be joining forces with Mike, Marie and the rest of the great team at Modern. Modern Fasteners has a tremendous reputation for great customer service and has built a strong and loyal customer base throughout the greater Philadelphia market. We are honored to have been chosen to be their partner for this next chapter in Modern’s history.”
“Modern Fasteners is thrilled to now be part of the NEFCO family and sharing in the vision that NEFCO has for the future,” said Marie and Mike Damm. “Their integrity and commitment to their associates and customers aligns perfectly with Modern’s philosophy.
"We’re looking forward to the many opportunities now available to our associates, along with a much broader range of products available to our customers. Since Modern has been family owned and operated since 1970, it was imperative we join forces with a company who values their employees, customers and vendors and treats them with the utmost respect. We’re very thankful for Matt and Ron and the entire NEFCO team and we’re excited to see what this new chapter holds.”
