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Private equity firm Penfund has acquired JET Equipment & Tools Ltd. and its subsidiaries, Pioneer Protective Products Ltd. and American Forge & Foundry Inc. The acquired company and buyer are both based in Vancouver, British Columbia.
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JET operates six warehouses across Canada and employs more than 170 people.
“JET’s strong market position combined with Penfund’s significant investment experience in the automotive aftermarket and industrial distribution sector make this acquisition a compelling investment opportunity and excellent platform for future growth,” Richard Bradlow, a partner at Penfund, said.