The CapStreet Group has acquired the business of American Packing & Gasket, LLC (“APG”) in partnership with members of senior management.
Founded in 1943, APG is a master distributor and manufacturer of a broad range of MRO products, including gaskets, packing material, O-rings, industrial hose couplings, and other miscellaneous items, used in manufacturing and process industries for the maintenance and repair of various types of industrial equipment.
APG president Ed Solymosy, Jr said: “The CapStreet team has been tremendous to work with throughout every stage of this process.
“They have a strong reputation for successfully investing in and building similar industrial distribution businesses, and they have the expertise necessary to assist the business with its next phase of growth. We look forward to our partnership with CapStreet.”
Ed Solymosy, Jr. has been with APG since 1995 and will continue to lead the business under the APG name as President and Chief Executive Officer going forward.
“We are very excited about our recent acquisition of the APG business, as APG is a well-respected company that meets the rigorous demands of its distributor customer base through speed, customer service, quality, customization, and deep inventory levels. The company truly has a customer-centric culture,” said Tom Caughlin, Principal at CapStreet.
APG is the fifth investment for CapStreet IV, LP, which has $340 million of committed capital and focuses on industrial distribution and manufacturing and diversified business service companies.
Other members of the CapStreet investment team include Walker Kahle and Connor Peska.
The CapStreet Group is a Houston, Texas based private equity firm that invests in owner-managed, lower middle market companies. CapStreet targets companies operating in the value-added distribution, industrial services and manufacturing, and business to business service sectors.