Private equity firm Mill Point Capital plans to acquire the MRO distribution business of industrial safety company Total Safety, officials announced Friday.
Under the newly signed agreement, Mill Point would buy the Total Safety Supplies & Solutions Inc. business from Houston-based Total Safety U.S. Inc. for an undisclosed price. The TSSS division, headquartered in California’s Bay Area, operates 13 distribution centers, 20 onsite customer stores and hundreds of vending machines providing industrial safety, PPE and MRO products to industrial, utility, refining and transportation customers.
The deal represents the 20th “corporate carve-out” for New York-based Mill Point. The firm indicated that it planned to partner with the business’ current management team, including Sean Nacey, who will be promoted from president to CEO. The transaction is expected to close later this year, pending approval by regulators and other closing conditions.
"TSSS has earned the trust of a premier customer base through a track record of delivering mission-critical service when it matters most,” Mill Point Executive Partner John Posey said in the announcement. “We are excited to partner with Sean and his team to support the company’s continued evolution.”
"On behalf of the entire TSSS organization, I am thrilled to be partnering with Mill Point as we begin our next chapter as an independent platform business,” said Nacey. “Mill Point's deep domain knowledge of value-add distribution, along with their operational resources and value creation focus, are an ideal fit for our employees, customers and suppliers.”
